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Home My WebLink AboutSS2 - Balboa Village Theater - PowerPointBuilding Community Support for the Balboa Village Theatre In an effort to revitalize Balboa Village The historic heart of Newport Beach NEWPORT BEACH Independent 'I -�. Lo.ala, h1' I.wala' BALBOA VILLAGE T R E A T R E Business Modeling: Fairfield Theatre Company Fairfield Theatre Company Fairfield, CT FACTS IN BRIEF" Facilities 225 -seat theater Operating Structure owned by the Town of Fairfield; leased and operated by Fairfield Theatre Company, a 501(c)3 staff 11 full -time; 20 part-time FY 2010/11 Revenues $2,676,042 FY 2010 /11 Expenses $2,687,036 Earned Revenue 77% of operating expenses Programming Concerts, limited theater and fllm, educational Program MISSION To establish and sustain venues for the presentation of plays, concerts, lectures, artistic work - shops and exhibitions for the most diverse audience possible, as often as we possibly can. In this way we will strengthen our community; nurture, enrich, and enlighten the lives of those we touch; and make our world o better place one great performance at a time. FACILITY Fairfield Theatre Company (FTC)'s venue, StageOne, is often voted the best place to hear live music in the region because of the quality of the sound, the intimacy of the space, and the caliber of the artists. Theater • Capacity: 225 seats • Black -box venue • 18'x18'thrust stage • Three sided seating with three rows on each side and nine rows in front of the stage BALBOA VILLAGE T H E A T P E Design Approach: Black Box Theatre F F 9 F- F FIL IL ID SECOND 4 CENTER LINE SECTION 2 jSf a CIA j 0i all L WILL, (mil CATWALK FLOOR PLAN /1 FIRST FLOOR PLAN A002 li nnnnnn F F 9 F- F FIL IL ID SECOND 4 CENTER LINE SECTION 2 jSf a CIA j 0i all L WILL, (mil CATWALK FLOOR PLAN /1 FIRST FLOOR PLAN A002 Before taking this survey, had you heard of the Balboa Village Theatre? (n =1,9o8) N o Yes 81.2% 18.8°6 \: JIP • M: Do you favor a Do you favor a renovation of the renovation of t Lie Balboa Village Balboa Village Theatre? (n= 1,966) Theatre? Those who had heard of the Balboa liliage Theatre previously (n =265) Don't Know 54.5` No 6.5% Yes 39% Yea 9s.8% 116 \ No 7.2% How interested are you in the follo;-%-ing activities? Attending live music concerts (n= 2,24.1) Attending film screenings (n= 2,22$) Attending theatre or dance performances Attending youth or children's performances (n= 2,210) M" 0% 20% 4096 50% 80% 100% ■ Extremely interested ■ very interested ■ somewhat interested 0 Not very interested ■ Not at all interested 81% said they were at least somewhat interested in attending live music concerts. 8o% Said they were at least somewhat interested in attending theatre or dance. 77% Said they were at least somewhat interested in attending film screenings. September Brand Vision Statement - 2020 Balboa Village Fun Zone is a unique piece of the heart and soul of Newport Beach, and is an inviting, family - friendly entertainment, shopping and dining district. Recognized as Newport Beach's original town site, the revitalized neighborhood is anchored by a complementary mix of large and small scale attractions, including the dynamic new ExplorOcean interactive center, the restored Balboa Performing Arts Theater and event center, and the renovated iconic Pavilion. The expanded Fun Zone is a quaint and engaging environment that offers an array of harbor and beachfront activities for many age groups, and is a celebration of the classic Southern California beach life that is contemporary in personality yet steeped in tradition. Economic Development . '3upi)ort new cultural amenities such as ExplorOcean and Balboa Theater. Balboa Village is in need of catalytic projects to bring a new energy and vitality to the area. Cultural venues are often these types of opportunities, and two planned projects that can positively influence economic change in the Village —are ExplorOcean and the Balboa Theater. Balboa Theater as a commercial music and theatrical venue should create new demand for dining experiences in the Village for both area residents and others. In addition, once completed, the Theater will become a valuable community asset for educational purposes (youth and adult) and become a local resource venue for area residents, businesses and non- profit organizations. The project is at a critical fundraising juncture, and the City should be open to lease modifications if needed, as well as provide necessary support to assist in their fundraising strategies and offer responsive city services as needed during the construction phase. BALBOA VILLAGE T H E A T R E Partnership Plan The Foundation is proposing that the City of Newport Beach amend the lease to the foundation under the following terms and conditions: 1.. The City grants its approval in concept to rehabilitate the current Theatre property at 707 E. Balboa Blvd which it owns to tenant -ready condition, so that it can be occupied and leased as a community performing arts theatre by BPATF. 2. Our architects and contractor estimate that the all -in cost of this would be approximately $2 million, subject to confirmation by the City. 3. The City's actual approval to proceed with construction would be conditioned on the following: 1) negotiation of a mutually agreeable minimum 50 year lease that contemplates BTPATF to be responsible for all interior tenant improvements necessary to successfully operate as a theatre; 2) the lease will specify rent payable to the City in the amount of 2.5% of ticket revenue to provide the City the opportunity to recoup its investment; 3) BPATF will raise and have on deposit prior to the expenditure of any City funds on the project $2 million in unencumbered cash donations for tenant improvements and resources such as designing and installing first class theatre systems, first year's start -up costs of operation, and adequate reserves to support the initial years of theater's operations. The $2 million would be in addition to the net cash reserves on deposit in the Foundation, currently totaling approximately $400,000; and 4) BPATF will present a fully articulated business plan authored by a respected performing arts consulting firm that supports to the City's satisfaction the potential for successful operation of the theatre over time. 4. With the conditional approval in concept in place as described above, BPATF will then move forward with developing an expanded Board and fund raising through community action in order to fulfill the $2 million donation commitment. 5. Until the BPATF has the $2 million in a segregated bank account dedicated for tenant improvements and resources listed above, the City will not lift one shovel of dirt, or expend one penny on the rehab, and in this way the City has not risked anything, but has demonstrated its commitment to the community and support of the Balboa Village Theatre revitalization. BALBOA VILLAGE V T H E A T R E A. Total Project Investment: $ 4,000,000 Financial Investment Plan Based on a $2 million dollar investment match of Lessor (City of Newport Beach) and Lessee (BPATF) Lessor Investment (City of Newport Beach) Tenant Ready Building Investment Investment Year Design /Construction of Building $ 2,000,000 2014 -2015 Lessee Investment (BPATF) Theatre /Support Investment Investment Year Theatre Systems Equipment $ 800,000 2014 -2015 Pre - opening Year Operations $ 450,000 2014 -2015 3 Year operations support/reserves $ 750,000 ($250k per year) 2015 -2018 Total $ 2,000,000 B. Rent Structure 1) For each year of lease, Lessee agrees to pay Lessor rent at the rate of 2.5% of ticket revenue, with the first year rent free 2) Estimated rent per year of lease, subject to adjustment based on the final business plan financial projections: $40,000