Wheaton residents, business owners split over theater

Dozens of residents and business owners were equally divided Monday over a plan to renovate the historic Wheaton Grand Theater.

For every person who said the city and park district shouldn't play a role in reopening the theater, someone else said the idea could help revitalize downtown Wheaton.

Ultimately, it will be up to city council members to decide whether to extend the life of a special service area that's the main source of revenue for the Downtown Wheaton Association. That decision won't be made for at least two months.

The association, which promotes downtown businesses, wants the special service area extended for 20 more years so it could raise the money it needs to offer financial support for the Wheaton Grand project.

Derek Bromstead, vice president of the association's board of directors, said during Monday night's public hearing that reopening the 84-year-old theater along Hale Street would be good for Wheaton.

"If you look right now at downtown, we're hurting a little bit," he said. "There's a lot of empty space that we need to fill. Having a world-class venue here will put Wheaton on the map."

Still, several property owners with buildings in the special service area said they don't want to keep paying the annual fee, especially if the money is going to be used to help the Wheaton Park District follow through with its plan to take ownership of the theater and borrow $19.3 million to renovate and expand the building.

The park district can't acquire the Wheaton Grand unless the downtown group agrees to provide financial "backstop" payments of up to $250,000 a year in case the theater fails to raise enough cash for the 20 years of loan payments.

The city also has been asked by the park district to agree to make similar payments, if necessary, of up to $250,000 a year. City officials haven't made a decision on that request.

Wheaton Grand supporters said feasibility studies estimate the theater would attract about 300,000 visitors a year and meet its financial obligations. They argue that the backstop payments most likely won't be needed every year.

However, residents like Jean Lindsey said they don't want taxpayer dollars risked to find out if a renovated Wheaton Grand could be a success.

"It's not going to be profitable," Lindsey said. "If it is going to be profitable, then let a private company fund it."

Theater: City council won't make final decision on renovation for at least two months