The Signature Theater Company is getting a new home in the theater district. Mayor Michael Bloomberg says the city would contribute $25 million toward the construction of a new building on 42nd Street.

Despite the sluggish economy, he says attendance at cultural attractions has grown 8 percent since last year.

"Everybody's talking doom and gloom around the world and right here there are real bright lights that are on Broadway, Bloomberg says.

The Signature's new home will be designed by architect Frank Gehry and is expected to open in 2012. It will house rehearsal studios, three theaters, a café and a bookstore.