Supporters of the Holly Theatre on Thursday cheered the possibility that $2.6 million in investor tax credits could kick-start major renovation efforts by late summer or early fall.

Supporters of the Holly Theatre on Thursday cheered the possibility that $2.6 million in investor tax credits could kick-start major renovation efforts by late summer or early fall.

"My heart is with the Holly," Mayor Gary Wheeler said. "I'm really encouraged, and if there is anything I can do, I'm here."

Randy Bobst-McKay, newly hired executive director of Jefferson Live!, said the theater already has $845,000 in tax credits in hand, with a high probability that another $600,000 will be received in the near future.

The remainder of the tax credits are also very likely because they are drawn from the same pool of investors, Bobst-McKay said.

"We are close to securing the money needed for restoration," he said.

If Jefferson Live! receives all the tax credits, another $800,000 in local donations will be needed over a three-year period to complete the restoration work, estimated to cost in excess of $3 million.

Jefferson Live!, which is overseen by the JPR Foundation, has taken over the remodeling of the Holly.

If only a portion of the tax credits are received, Bobst-McKay said work on the Holly still could begin by August or September.

"It may slow the project down slightly," he said.

— Damian Mann