Centro Ybor Redo

Thursday, Tampa City Council, acting as the Community Redevelopment Agency, unanimously approved a deal with Chicago-based M & J Wilkow to redevelop the theater complex for other uses such as office space, a hotel or possible residential units.

Tampa City Attorney David Smith told council members that it's a good deal for taxpayers.

Wilkow plans to invest $10 million into Centro Ybor. And, the company will pay the City of Tampa. The city is responsible for payments on a $9 million loan that helped finance Centro Ybor. That costs the city about $750,000 a year until 2014.