How are we doing this?

So far, we have taken many steps in the restoration process. We have completed our comprehensive design and engineering documents. Those documents are ready to be handed over to our contractor, whom we have selected after a competitive bidding process. We have also obtained all necessary approvals from the government bodies that oversee code compliance on our restoration. In addition, we were also approved for state and federal Historic Tax Credits, which will help us reach our financial goals.

As of June, we have applied for a grant that, if awarded, will provide for a significant portion of the project’s needs. A response to our application is expected to come in September. In the meantime, we are launching fundraising efforts to gain support and contributions from the community to fill the gap needed to allow renovations. We have determined the total project cost to be just under $8 Million, of which we are trying to raise $2.5 Million as collateral. So far, we have collected almost $1 Million, so we are turning to the Lakes Area community for assistance with the remaining amount.

Our completed financial projections show that once the theater is open, it will remain sustainable through our business model. It is this promise of sustainability that has allowed us to meet with and continue to seek potential renovations investors and lenders. We also plan to apply for any other grants that we may be eligible for, both for the renovation process and the post-renovation operations.