Novato Theater Group Revealing More Renovation Details

For those who have wondered what’s going on with the downtown Novato Theater and the plan to renovate and reopen the World War II-era relic, now is the time to get involved instead of just talk.

That’s the message dedicated volunteers want to get across heading into a series of  informational meetings coming up in the next few weeks. There was one Thursday at Novato City Hall and another one is set up for Feb. 10 at the . The public is invited hear more details about the setup of the nonprofit limited liability corporation that is working toward fundraising, interior demolition, full operation and full ownership of the theater.

Bernice Baeza, executive director of the renovated Lark Theater in Larkspur, is spearheading the effort that would gut and redesign the theater that has been shuttered at 924 Grant Ave. since 1991. Baeza orchestrated a meeting of volunteers Jan. 25 at in Old Town that drew about 10 people, including several who own businesses along Grant Avenue that likely would benefit from a reopened theater.

Baeza said she is looking for investors for the LLC as part of a new nonprofit set up called Novato Screen Savers. The nonprofit is designed to own at least 51 percent of the shares in the LLC, but the group is seeking investors with a minimum of $30,000 to step up soon. Baeza said several local banks have expressed interest in making pledges to get things moving.

The group has a June deadline to gather $750,000 in pledges — not necessarily cash but LLC commitments from investors — so the 501(c)3 nonprofit can wrap up a deal with the city of Novato to purchase the building. The price is $50,000 contingent on the pledge target.

The large investors in the LLC will not receive a return on their money for 10 years, but after that the will be guaranteed a five-percent return per year after that. The long-term plan is that the nonprofit does well enough to buy out those initial big-ticket investors, Baeza said.

“It’s considered a high-risk investment, but our guys in Larkspur are thrilled because they did the same thing,” Baeza said. “They had money sitting in retirement funds that weren’t doing well, and this was a much better deal for them. It’s people with money in those retirement accounts they’re not using now who could be really good candidates for this investment.”

Right now the job is to get the Novato community excited about the progress, Baeza said.

“Most of the money comes from the middle class,” she said. “It comes from people who love their community. … These are people who are going to end up coming to the theater once it’s open, and they’re going to love it.”

If things go well and the pledge total hits the goal, Baeza said interior demolition can begin at the theater and plans can be drawn up with an architect.

If the fundraising effort does not reach its goal and the sale falls through, the nonprofit will work toward returning the funds “with about 10 percent kept for costs,” Baeza said. “If that happens, we’re not going to gather up hundreds of thousands of dollars from the public and just keep it all.”

Baeza was upbeat about the fundraising effort and encouraged anyone who is intent on seeing the theater revamped to get involved.

“All of us are passionate about it and we should gather together and share this vision,” she said to the group on Jan. 25. “It’s up to this core group to make this happen.”

To learn more, search for Novato Theater on Facebook, call 924-5459 or e-mail novato.theater@gmail.com.