Steven McQuillin has pioneered funding the rehabilitation of historic theaters using the federal rehabilitation investment tax credit.  Such renovations are an increasing source of tax credit projects.  They typically involve landmark buildings where restoration is a key ingredient of the program.  Their income-producing activities, such as theater rentals and concession sales, easily meet the requirement that the property have an income-producing use for a minimum five-year review period.

McQuillin’s first theater project to use the tax credit was the New Orpheum Theatre in Sioux City, Iowa.  The $10 million rehabilitation of this opulent 1920s movie theater earned a $2 million tax credit.  These additional funds enabled the theater to completely reconstruct the missing horseshoe-shaped balcony, torn off in a 1960s modernization.  They were also able to afford a complete restoration of the inner and outer lobby.  McQuillin worked with GSI Architects of Cleveland, FEH Associates of Sioux City, noted theater restoration consultant Ray Shepardson, and attorney Don Longwell.

The League of Historic American Theatres has invited Steven McQuillin to make a presentation on this subject at their 2003 Annual Meeting in Miami, Florida.  He is in the process of consulting on several other theater projects around the country.