In exchange, the Harlem theater will name its new grand staircase in memory of his late friend and mentor, Dennis King, of Victoria, Texas.
Phillips is chairman of Phillips Family Holdings in Minneapolis.
His donation was made this summer through the Edward and Leslye Phillips Family Foundation.
The historic theater celebrates its 75th anniversary season in 2009-10, when the interior expansion is expected to be completed.
So far, the theater has raised $51.5 million.
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