Mixed use facility, private-public partnership discussed
By Robert Cloud
The New London Economic Development Committee continued its discussion of the Grand Cinema Theater at a May 25 meeting.
At the April meeting, Margie Brown gave a brief history of the building and efforts to save it in the 1990s.
Paul Warshauer spoke to the committee at its May meeting.
His company, Grande Venues, works with municipalities, nonprofit groups and private investors to buy old theaters and historic buildings and restore them.
“I believe that the arts, and especially live theater and movies, are extremely important for small towns,” Warshauer said.
He noted that theaters draw people to downtown areas where they spend money at other businesses, such as restaurants.
April Kopitzke, executive director of the New London Chamber of Commerce, said she met with the theater’s owner, Jim Billeck.
“Jim assured us that he has intentions to reopen the Grand,” Kopitzke said.
She said, “Hollywood takes a pretty big chunk of his profits,” which makes building a team of investors difficult.
“He is still open to selling the theater,” Kopitzke said, “He made it very clear that he doesn’t feel the theater is his, that he owns it. It’s the community’s. He’d like to see it continue one way or another.”
The last time Billick had it listed, he asked $575,000 for both the business and the property.
Kopitzke said he was willing to negotiate.
“The committee doesn’t really have a direction of where we’re going with this,” said City Administrator Chad Hoerth. “I think we just want to make sure there’s success, that we retain that anchor in our downtown.”
Several asked, “Where do we go from here?”
Hoerth said he did not know because the building is privately owned.
Warshauer said the question is, can the facility be used for other events.
He said businesses that screen movies have low profit margins, which is why projects to restore theaters often require a public-private venture.
The nonprofit arm of the venture obtains grants and generates revenues with plays and concerts.
The for-profit arm operates the facility and oversees finances.
He said a mix of events, especially a children’s theater, would help bring audiences and revenues to the facility.
Brown said she would speak with members of the Wolf River Theatrical Troupe about the potential project.