Theo Ubique, a Chicago-based theater company, received final approval on its lease of a future city-owned theater on Howard Street at a City Council meeting this week.

Aldermen agreed unanimously to lease the one-story building, which formerly housed retail space, to Theo Ubique. The space is set to be the location of the Howard Street Theater, which is pending approval from City Council.

In November, the city committed $1.4 million in TIF money to the project, contingent on the group’s ability to raise about $200,000 on its own.

Officials have said the theater would be part of an ongoing effort to revitalize Howard Street. Under the lease agreement, the city will retain ownership of the building, documents show.

The lease will run for 10 years and include four different five-year options to extend the agreement with additional lease periods, city documents show.

Ald. Ann Rainey (8th) has championed the group since the early stages of negotiation and said she thinks the theater would be a good fit for the space. In January, she said she sees the project as the “jewel and crown” of her efforts to redevelop Howard Street.

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