Capitol Theater Reaches Initial Fundraising Goal
Burlington, IA – The Capitol Theater Foundation launched the "Bring Back the Magic" campaign in June.
Executive Director John Speer says, to date, local investors have pledged or donated more than $1.2-million dollars.
He says that money will be used as the match for $1.8-million in grants, tax credits and donations, including a $1-million I-Jobs grant for the project in downtown Burlington.
The money generated thus far will be used to restore the theater and the first floor of the adjacent annex.
Speer says the next step is to create an endowment fund to make sure there is money available to maintain and improve the Capitol Theater for years to come.
"We want to keep (the theater) as open to the public as we can," says Speer, "which means that we want to make sure that people from all walks of life and all income levels are able to enjoy what is there."
Speer says funding will also be needed to renovate the second floor of the theater.
He says the goal is to eventually have that space available as a smaller studio/performing arts theater.
Speer says crews are working on the exterior of the building, as the weather allows.
Burlington's Capitol Theater is expected to open its doors in late Spring.
Speer says the first formal event will be a film festival.