Beach Theatre Foundation Loan Re-Payment Plan

for the City of Cape May
June 19, 2007

Mission Statement
The Beach Theatre Foundation, Inc. is a not-for-profit organization formed to preserve and restore the historically authenticated Beach Theatre in Cape May, New Jersey and utilize the complex as a state-of-the-art showcase for cinema and the arts. Excellence in a diverse array of films will be the hallmark of the theatre for the cultural benefit of the residents of Cape May, Southern New Jersey and visitors from around the world. The foundation’s visionary goal is to establish the Beach Theatre and Cape May as an internationally recognized center for film history, film preservation & restoration, independent filmmaking and film education.

Other saved theatres.
The Levoy Theatre History 06/17/2007 12:13 PM
Updated: 10/20/2006 2:20 PM

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The Levoy Theatre P.O. Box 678 126 - 130 N. High Street Millville, NJ 08332 Office Phone: 856- 327- 9870 Fax: 856- 327- 4076 Last modified October 20, 2006 Questions comments or problems with the website? Contact the webmaster.

The story of the Levoy is the story of the people who built it, owned it, worked in it and patronized it. It is a story filled with triumph and defeat, happiness and sadness. It is exactly the story you might expect from a 100 year-old-icon. The Story Begins >

Levoy Theatre - Milville, NJ

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• • •
Timeline of future events Theatre Lease/Option review Business plan

• • • •

Revenue sourcing Revenue/Expense summary Employment opportunities Theatre usage/design

Loan terms proposal


June 2007

• • •

Receipt of $100K loan Finalization of Frank Investments & BTF lease/option agreement Fund raising events

July - Sept 2007

• • • •

Solicitation of RFPs from developers for entire complex Preliminary architectural plans investigated Continuation of fund raising events (Movie Trivia, Cocktail Party, Concert) Hire BTF Executive Director & Fund Raising Director

October 2007

• •

Frank Investments one-year lease/option commences Theatre cleaning & painting

• • • • • •
November 2007

• • • • • •

Theatre re-opens under BTF mgmt with NJ State Film Festival

December 2007 - May 2008
Review of developer proposals

May 2008
BTF re-opens with full-time schedule (4+ full-time, low to moderate income employees hired)

October 2008
Finalization of new owner

November 2008
Theatre renovation commences

June 2009
Theatre re-opening grand premiere

Lease/Option Review
• • • • •
Currently finalizing agreement with Frank Investments One year theatre lease commences Oct. 1st Option-to-purchase gives us right (assignable) to purchase entire complex within term of lease Agreement has extension provision Lease/option cost: $100K

Revenue Sourcing

Revenue will come from the following sources:

• • • • •

Donations ($25K in bank
now, $25K pledged)

Fund raising events Grants Theatre tickets Theatre concessions

• • • • •

Theatre rentals Sponsorships Theatre seat sales BTF logo items Advertising

Revenue Sources
Each Cinema is Corporately Sponsored Cinema I - Independent Film Cinema II - Foreign Film Cinema III - Retro Classics Cinema IV - Animation
Each theatre chair can be sponsored

Exterior bench sponsorships

Walk of Fame sponsorship on sidewalk

Revenue/Expense Summary
2007 Revenue Expense Net $406,660 $348,325 $58,335 2008 $1,133,400 $1,129,987 $3,413

Employment Opportunities

Foundation Personnel

• • • • • • •

Executive Director Fund Raising Director Administration Assistants (2)

Theatre Mgmt Personnel Theatre Manager Projectionists (2) Ushers/Box Office/Concession/Store staff (10)

Theatre Usage
• On-going “art cinema” programming • Festival use (NJ Film Fest, Music, Jazz, etc.) • Theatre rentals (hotels, corporate, private) • City of Cape May use (Candidates Night,
Town Meetings)

Theatre Redesign
• • • • Brought back to the original seat configuration Rocker hi-back seating with cup holders State-of-the-art 35MM, 16MM and HD digital projection Dolby Digital THX Certified Surround Sound Audio Theatre (would be only one in South Jersey) Ability to view satellite HD broadcasts Hearing & Visually Impaired Access

• •

Proposed Loan Terms
• $100,000 loan • Interest rate at 2% • Monthly re-payments to begin 24 months
(historical rate)

after receipt of check

• 10 year loan • Cape May will be in “first creditor” position
($920.13 per month payments commence 6/20/09)

BTF Board of Trustees
• • • • •
Jerry Gaffney Bernie Haas Steve Jackson Bruce Minnix Ray Roberts

• • • •

Harley Shuler Barbara Skinner Shirley Stiles Susan Tischler

What if?
• What if Frank’s Investments demolishes the
• •
building and builds condos? What happens to the BTF and the donations, loans, etc.?
The BTF is charted to provide Cape May with a cinema & arts complex. The BTF will seek to acquire a building or construct a theatre from the ground up. Cape May will have a Beach Theatre. Hopefully, the current one. The Beach Theatre will live on.

Thank you.