Important News about the Capitol Theater!
Hello Everyone,
Yesterday the Capitol Theater was put on the market by building owner Gary Holgate. I wanted to send out a short note to all OFS members to let you know, quickly, how this will affect us and what the board has done and plans to do in the future. Currently OFS has a 20 year lease on the theater. The details of the lease are a little tricky, but the bottom line is we won’t be thrown out tomorrow. In fact, Gary is positioning the occupancy by OFS and the security of a guaranteed 20 year tenant as a key selling point.
Securing a permanent home has been a long-term goal of the board (for a long time). How can we buy the building? Until very recently this has been a moot question. Right now, we are finally excited to actually be able to address it in a concrete way. We are working with a lawyer and a real estate agent to pursue an offer on the building. As you might imagine it’s extremely complicated and messy. Because we may not be the only buyers on the market, and because frankly, we may not be able to raise the kind of money being asked, the board is also constructing a contingency plan.
So, right now there’s a lot going on. Because this issue is being handled almost exclusively by the Board, the staff may not have the answers to your questions. But If you’d like to keep up-to-date with what is going on we will begin posting updates in the theater lobby and on the website by next week. We will also share more of what we’re working on, how we’re thinking about this and dealing with it at the Annual Membership Meeting on Saturday, May 30th from 1-3p at the Capitol Theater. This is a great opportunity to share your thoughts with us so I hope to see you there.
Sincerely,
Isaac Overcast
President
OFS Board of Directors
PS - Securing a permanent home is the biggest challenge OFS has ever faced. Please help us pull together the resources we need to make this dream come true –– by making a special donation today at www.olympiafilmsociety.org/about/donations. Thank you!
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