Novato Theater’s proposal to the City Council is the solution to complete the theater, ensure funding for the first three years of operations and provide a long sought community and downtown benefit.
Current Status of Novato Theater
- Novato Theater is a 501(c)(3) in good order and standing. It has no debt and no employees.
- $2M has been raised through 1,000+ donors. Phase 1, design and foundation are completed.
- Over $1.5M in pledges contingent on showing sufficient funds to complete the project.
- New President since April expanding board with functional expertise, film, music, finance, marketing and communications.
- Plan developed in conjunction with City Staff and a local bank presented to Council on 10/9/18.Awaiting for next opportunity to go before the Council.
- Our Vision – The Novato Theater will serve the North Bay as a community cultural center for year-round film programming, as well as live music, performing arts, literary arts and simulcast showings of Opera, Broadway Theater, sports, and other musical events for all ages.
Novato Theater’s Plan to Complete and Support for First 3 years of Operations – Updated 11/13/18
- Secure a $3M line of credit from a local bank to ensure available funds can be accessed over the next 4 years to achieve the goal. That assurance will release the pledges allowing construction to recommence using that money. Also it will reinvigorate the capital fundraising campaign.
- Credit to be secured 80/20 by the City of Novato and The Greggor Family as individuals.
- Novato Theater, once opened and showing revenue, would then convert any outstanding line of credit debt into a conventional loan, supported by its asset of a $5M theater. This will release the above initial creditors from any obligations. Novato Theater would then be self-standing.
- Pre-opening key staff – Executive Director to be hired six months prior to opening, General Manager to be hired three months prior to opening.
- Using rounded numbers, $1.5M is required to complete the structure, $1.25M to complete the interior with an additional equipment allowance of $1M. (Includes $0.35M of construction contingencies.) An operating contingency of $0.5M is added to ensure funding 3 years of operations.
- $1.5 + $1.25 + $1M + $0.5M = $4.25M. Deduct $1.5M through pledges, $2.75M is needed. Adding an unknown contingency component of $0.25M, a $3M line of credit is being conservatively sought.
History of Novato Theater
- 1946 Theater opened by Alfred and Clara Bowman as a first run movie house – closed 1991.
- 1995 Theater acquired by Novato Theater Restoration Company for $400,000 financed by Bowman
- 2004 Theater bought by City of Novato, efforts produced insufficient funds and debt was in arrears.
- 2004 – 2010 City considered options.
- 2010 Novato Theater was formed, and non-profit 501(c)(3) status achieved in 2011.
- 2012 Novato Theater acquires the property for $50,000 from the City
- 2016 Fully designed and approved, ground was finally broken and a new foundation constructed.
How you can help
- Send a letter of support regarding the Novato Theater’s Proposal to the Novato City Council. You can e-mail the entire City Council at firstname.lastname@example.org. Your email will be forwarded and tracked for response by the City Clerk. For each Councilmember’s individual contact information, see below.
Josh Fryday: email@example.com
Pam Drew: firstname.lastname@example.org
Denise Athas: email@example.com
Pat Eklund: firstname.lastname@example.org
Eric Lucan: email@example.com
Written correspondence can be mailed to:
City of Novato
922 Machin Avenue
Novato, CA 94945
- Send a Letter to the Editor (Marin IJ). Letters are limited to 250 words or less. Letters must include writer’s name, address and daytime phone number. Email letters to:
- Sign the petition started by Novato’s own Rob Sundberg.
- Sign up for updates at the Novato Theater website and follow us on Facebook and Twitter! Currently 1,200 and 1,700 do through e-mail and Facebook respectively.
- The 990 filings are up to date and available through the IRS.
Updated December 1, 2018