Wednesday, June 11, 2008

Board Meeting: The good, the bad, and the not very pretty...

As I predicted a few posts back, Joline resigned as Executive Director of the Empress Theatre. Trent Oliphant has been named Acting Executive Director until the board finishes its reorganization and revision of the by-laws. Joline isn't gone completely though; she has agreed to help out with our development efforts. So expect to see Joline working on marketing and fundraising. (I am personally ecstatic about this!)
But for those of you who volunteer at the theatre, call Trent when you need something... Or Nolan, he is still the Artistic Director of the Empress Theatre.
Joline has been a wonderful asset to OHPAA and to the Empress, and I want to extend my personal thank you to her for going way beyond the call of duty. She is going to be a tremendous asset in the Development Department.
And we are going to need that help, as the board voted to proceed with phase one of the capital plan. In this phase we exercize the option to purchase the Empress Theatre from Leo's estate, and purchase the Magna Hardware building and all the parking to the west and north. I'm not going to go into a lot of detail on the arrangements, other than to say that we're getting a really good deal on the four properties involved.
But taking this action gives us a couple of serious challenges.
First, we need to raise the remaining down payment for the Empress Theatre. Our purchase option expires in August, and we need to raise $12,000 for the rest of the down payment.
Second, the deal on the hardware building will require us to pay $650/month for about a year, and then come up with $15,000. After that we'll either have to make payments of about $1,000/month, or find funding to pay off that purchase.
Under all of the scenarios, we'll need to either refinance the hardware building in three years, and the Empress Theatre in five, or develop funding to pay them off. And none of these scenarios includes anything for rennovation of the hardware building.
All of this is complicated by our current cash shortage. We can probably get grant money to at least help with some of these costs, but in order to apply for the grants, we need to have an audit. And to get the audit, we need to pay the auditor...
We are working with Salt Lake County and others to develop some of this funding, and I will be writing grant proposals like mad for the next little while, but we need your donations too!
And if you can't make a donation yourself, then we still need you! We need people to do everything from stuff envelopes to writing grant proposals.
We have, in fact, a need for someone to organize a super-colossal yard sale. I'm betting that you'd have a lot of fun with this; getting donated items to go with the two organs and the snowmobile we already have to sell; figuring out where and when to have the sale; advertising it and getting the word out. Come on, volunteer! You know you want to!

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