Wheaton parks want one more look before committing to theater plan
Three feasibility studies on the Wheaton Grand Theater have come to the same conclusion: Reopening the historic venue could bring more than 300,000 people a year to the city's downtown.
But at least one member of the Wheaton Park District board says he's not sold on the predicted success of the theater.
"I just don't believe the numbers. It's as simple as that," said Raymond Morrill, the park board's vice president. "I think they are overstated."
In a surprise move, park board members this week agreed that they want a fourth feasibility study done by a different consultant. The previous studies were done by the same firm, C.H. Johnson Consulting Inc.
And until the new report is completed, parks officials say it's unlikely they will vote on a plan to have the park district take ownership of the theater along Hale Street and borrow $19.3 million to renovate and expand it.
"We can't make a decision with the information we have now," Commissioner Terry Mee said. "That's why we are looking for some additional information."
The call for further study comes as public opposition to the project grows stronger. Several residents are questioning whether any taxpayer dollars should be risked to find out if a reopened Wheaton Grand will be a financial success.
Up until now, the focus has been on whether the city wanted to join a partnership with the park district and a downtown group.
If the Wheaton Park District took ownership of the theater, the Grand Theater Corp. - the not-for-profit group that oversees management of the venue - would pay an annual licensing fee to the park district. Money raised from the fee would be used by the park district to repay the 20-year loan.
Meanwhile, the city and Downtown Wheaton Association are being asked to serve as a partial financial "backstop" in case the theater fails to raise enough cash for the loan payments.
The association and city would each provide payments of up to $250,000 a year if the theater fails to generate enough revenue to cover the annual debt payments.
Still, Morrill said he fears the potential risk for the park district.
"Our exposure would be about $750,000 - maybe even more - if they (the theater operators) couldn't raise the kind of money they hope to raise," Morrill said. "The park district just doesn't really have that kind of money."
Wheaton Grand supporters have said they believe the theater could generate enough money to meet all its financial obligations.
The most recent feasibility study estimates the 1,150-seat theater would bring more than 300,000 people to the downtown over the course of 288 performances each year. Those numbers reflect seats being 85 percent full.
Ray Shepardson, the theater's project manager, says those numbers are achievable because free tickets will be given to regular subscribers. The study says only 62 percent of the seats would be purchased.
"The operating plan, which is based on value-driven entertainment for the local audiences, we believe, would fare exceptionally well in this particular market," said Tim Rater, executive director of the Grand Theater Corp.
Wheaton Mayor Michael Gresk said he supports the park district's move.
"I am just glad that they are kind of stepping back, taking a deep breath and saying, 'Let's think about this,'" he said.
Look: Public opposition growing stronger