Silverthorne approves funding plan for new performing arts complex
June 24, 2016
As foundations go up for Silverthorne's new performing arts complex, the town is also hammering out a framework for funding. Approved by town council on Wednesday, the finance agreement will distribute the cost of the $9 million structure between the town and Lake Dillon Theatre Company, and set the terms of LDTC's 20-year lease as the anchor tenant.
Town manager Ryan Hyland thanked Silverthorne and LDTC staff, noting "It's a lot of work to put together an agreement that's going to work for everybody and will work in the long term."
For the architectural designs alone, a team of more than 50 people helped develop plans.
The 16,000 square-foot complex jumped from initial estimates at $6 million to the current price of $9 million, in part due to the recent burst of construction in Denver. Silverthorne will cover $6.3 million of construction costs, while LDTC will contribute $2.7 million, to cover furniture, fixtures and equipment, as well as paying the town for bricks and mortar.
Per the terms of the agreement, LDTC's portion of the cost would be paid in full by Dec. 31, 2017. The hope is to have the performing arts center up-and-running by March of that year.
"It's gonna be a quick construction," assistant town manager Mark Leidal said in a previous interview.
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The Lake Dillon Theatre Company will have primary use of the center's 130-seat black box, but will also be responsible for lighting, sound and other equipment for the space. They will also have use of an office space, dressing rooms and a costume shop.
"We do have a lot of items in there that will be owned by the Theatre Company," Hyland said. "We will finalize that list when we get closer (to completion)."
The performing arts complex will also feature a secondary performance space, two classrooms and a lobby for the public. Part of the plan is to offer the classrooms as practice spaces for other local nonprofits, such as Ballet Folklorico. Thanks to strategic soundproofing, Hyland said two performances could be hosted in the building at once.
TERMS AND CONDITIONS
Per the lease created by the town, LDTC will have use of the space for 20 years, with two five-year renewal periods. Rent would be $1,800 per month, plus utilities, with an additional $1 per ticket given to the town. For a limited number of shows, LDTC may also choose to put the $1 per ticket fee toward a local cause.
Since the performing arts complex will ultimately be a shared space, Silverthorne will refund one third of LDTC's monthly utility bills.
"Part of this partnership is the ongoing support," Hyland said.
With construction underway, the performing arts complex has been in the works for nearly three years. The town and Lake Dillon Theatre Company entered into an agreement in November 2013 to explore the opportunity of creating a new theater in Silverthorne. Now, that goal is one step closer to being a reality.
"So many people put a tremendous amount of time and effort into this. It's a really exciting thing that's very much happening as we sit here," Silverthorne Mayor Bruce Butler said. "I really look forward to a great partnership in the future."
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