(WJET/WFXP/YourErie.com) — A historic Oil City theatre is receiving $500,000 for a rehabilitation project.

The Lyric Theatre in Oil City will receive the $500,000 from the Appalachian Regional Commission (ARC). The funding will go toward a rehabilitation project that carries a price tag of more than $1.1 million. The ARC funds will be matched by $691,138 from state and local governments.

The project will renovate more than 11,000 square feet, including a new auditorium. The goal of the project is for the theatre to become “an anchor for arts,” an announcement from Sen. Bob Casey’s office said.

“The historic Lyric Theatre has been keeping arts and culture alive in Oil City since 1906. I was proud to advocate for this funding to begin an ambitious rehabilitation project that will enable the theatre to host more productions and community events, bringing neighbors together and stimulating the economy,” Casey said.

According to its website, ARC “is an economic development partnership agency of the federal government and 13 state governments focusing on 423 counties across the Appalachian Region.”

The historic Oil City National Bank building recently received $3.2 million from the Economic Development Administration for its renovation project.