ROCHESTER, Minn. – The City of Rochester today announced the proposed acquisition of the historic Chateau Theatre located in Peace Plaza in downtown Rochester. The city will discuss executing a purchase agreement for the 88-year-old theatre at its April 6 City Council meeting.
“This a tremendous opportunity for us to preserve this iconic element of Rochester’s history and invest in our future,” said Mayor Ardell Brede, “Thanks to the generosity of Mayo Clinic, we are now able to meet the purchase price of six-million dollars.”
Journalists: Sound bites and b-roll from the event are in the downloads.
The City will fund the purchase of the building through $5.5 million of internal borrowing, along with a $500,000 gift from Mayo Clinic.
“Our gift demonstrates Mayo’s commitment to this community while fulfilling the vision for one of Destination Medical Center’s first areas of focus, its ‘Heart of the City’ district,” said John Noseworthy, M.D. President & CEO, Mayo Clinic. “This is the right thing to do as a community partner and demonstrates Mayo’s commitment to preservation of our community’s historic assets and the Destination Medical Center (DMC) initiative.”
The entire news release can be found here: Chateau Purchase News Release.