Cathedral City Downtown Foundation
MEETING DATE: 9/13/2017
TITLE:
Title
Grant to CV Repertory Theater
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FROM:
Tami E. Scott, Administrative Services Director
RECOMMENDATION:
Recommendation
Staff recommends the Cathedral City Downtown Foundation authorize a grant to the CV Repertory (CVRep) Theater for the adaptive reuse of the theater to assist in the development of a Regional Playhouse.
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BACKGROUND:
CVRep entered into a Purchase Option Agreement with the City Urban Revitalization Corporation on July 18, 2016 to acquire the former IMAX, now Desert Cinemas, Theater. CVRep has paid in two installments the agreed upon "Option Consideration" payments totaling $50,000 and has until May 1, 2018 to exercise its option to enter into the agreed upon Purchase and Sale Agreement. It is now the desire of CVRep to exercise its option agreement by the first of the year so the appropriate renovations may be completed in time for the fall 2018 season.
DISCUSSION:
The building envelope of the former IMAX, now Desert Cinemas, theater was constructed like an auditorium that included some corner steel support columns but predominantly metal studs, drywall and soundproofing to operate as a movie theater. Any other use of this space other than a movie theater, or as we call it, an adaptive reuse, will cost upwards of a couple of million dollars in renovations due to the limitations of the current construction. Needless-to-say, this dramatically reduces the value of the building due to the cost of such improvements.
For CVRep to reconstruct the space to be utilized as a theater playhouse to include a stage, under stage green room, dressing rooms & bathrooms and more importantly steel support structures for lighting and rigging, requires a considerable capital contribution, which CVRep has been successful at; however, the building structurally falls short of being able to complete these improvements without additional financial assistance. CVRep would...
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