Q: What Happend To The Armand Hammer Exhibit Money?
A: $1.6 M raised 1987- 1993
Monies raised by:
Victory Theatre Commission
Save the Victory
Proceeds from Armand Hammer Exhibit – Greater Holyoke Inc.
Monies well spent: 1987 – 1993
- Roof replacement
- Hazardous Materials Survey and Removal
- Architectural plans for movie theater/community theater
- Moth balling of building – windows and doors boarded up
In the 1990’s the renovation budget for the theater was $9M, but this money was unrealizable at the time.
MIFA assumes Project
Remaining dollars from Armand Hammer Exhibit proceeds: MIFA received $20,000 from the Victory Theatre Commission in 2009 and $200,000 from the Greater Holyoke Foundation in 2010 after purchasing the theatre from the City in the fall of 2009. These funds have been used to advance the Victory Theatre Renovation Project.
Q: When will the project actually come to life?
A: Since MIFA bought the theater in 2009 we have been putting together all the necessary pieces for the renovation of the theater. We have hired an architect who has been working on the plans. We’ve put together a team of professionals to help us with fundraising, strategic planning, and historic preservation, and have been presenting events to whet the community’s appetite for what could happen at the Victory.
Q: What is the expected timeline?
A: We are currently in the Major Gift phase of the Capital Campaign. Once this is complete we will begin the overall capital campaign with the hopes of being ready to begin construction in late 2017 or 2018. It will take 18 months to complete reconstruction.
Q: What are the barriers?
A: Raising the required funds to be eligible for the New Market Tax Credits, essential to the funding package has been very difficult without Major Gifts – $1 million or more. We continue to look for a major benefactor and are looking for major gifts during this phase of the capital campaign.
Q: Are there steps that an individual can take, beyond endless fundraising, to actually make this happen?
A: Yes, letting people know how important this project is to you and our community is important! You can also share these answers with all who would be interested. Please visit our web site, follow us on Facebook or Twitter, and if you have other questions please contact us so we can answer them.
Q: Are there legislative avenues or other avenues?
A: Yes, and we have been working with both Senators Don Humason and Aaron Vega, as well as Mike Knapik, head of the Governor’s Western Mass Office, and former Senator Brian Lees and Senator Eric Lesser on State participation.
Q: Why, with so much funding in place, is nothing happening?
A: Due to the fact that a majority of the funding is in Tax Credit equity and all of the funds must be raised before this funding can be awarded, we still have a ways to go before the construction can begin. Any work done now would be subtracted from the budget on which the amount of tax credit equity is based, thus lowering the allocation.