We hope that you and your family are well during this uncertain time.
It's been a while since we’ve updated you on the theater project. There’s been a lot of activity behind the scenes and we would like to update you on the exciting developments.
The Presser Foundation has made a $150,000 grant to the project. This grant will be used for construction costs associated with the restoration of the theater.
The theater has secured letters of intent from WSFS Bank to fund a long-term mortgage, a bridge loan and the bank will make an investment in the project through the federal historic tax credit program. This is all exciting news and we appreciate the bank’s commitment to the project and to our community.
The bank has also extended a $500,000 line of credit to the theater. This funding is being used to complete the pre-construction activities at the theater. These activities include, among many, completing the architectural design for the entire building (Atkin Olsen Schade Architects), securing zoning approval for the addition to be built at the rear of the historic theater, getting permission to expand the capacity of the sewer connection in Lansdowne Avenue and securing all building permits.
The design team started their work last week and will continue their efforts until the end of 2020. I am glad to let you know that the contractor is in place. Once all of the pre-construction activities are completed, we anticipate construction taking about 12 to 13 months. We still have a construction funding gap and are doing whatever we can and as fast as we can to close that gap.
Because of the pandemic, we’re not sure when we will be able to hold another fundraiser or even do our annual fund mailing. We understand that some of our supporters may have lost their jobs and we hope that you are able to secure a new position in the very near future. If you are in a position to support the project, we need your financial support. Please consider making a contribution no matter the size. Every bit helps and is very much appreciated.
You may make a donation through FaceBook, the donation button on www.lansdownetheater.org, or by mail. Please make checks payable to HLTC and mail it to HLTC 31 North Lansdowne Avenue Lansdowne, PA 19050. All donations are tax-deductible to the fullest extent allowable by law. All donations are acknowledged by letter.
We will update you are the project continues to move forward.
From all of us at the Lansdowne Theater, we thank you for your steadfast support.