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To Friends of the Katharine Hepburn Cultural Arts Center & Theatre
I am pleased to offer you a report on the significant progress that has been made in the past few months. A referendum was held on March 29, 2007 at which time voters approved the sale of $2,980,000 of municipal bonds. The referendum approved a total appropriation of $4,340,000 enabling the awarding in April of a contract to the Rudolph Netsch Construction Co. of Chester, CT for the construction and renovation of the Katharine Hepburn Cultural Arts Center & Theatre. Keith Nolin has been hired as a part-time clerk of the works.
A groundbreaking ceremony was held on May 1st with many of you in attendance. Completion of the project is anticipated for early summer next year. The building has been placed on the State Registry of Historic Places and we are awaiting the National Registry nomination. A website has been created and may be found at http://www.katharinehepburntheater.org .
To date, we have received donations totaling $325,000 with an additional $150,000 pledged. An anonymous pledge of $100,000 was made, challenging nine others to join in an effort to raise $1 million in honor of Hepburn’s 100th birthday. Bob and Barbara Welsh of Old Saybrook very graciously have made the first $100,000 donation for that initiative. Several naming opportunities have been selected, but many are still available.
An ad Hoc Cultural Arts Council has been formed and discussion has begun regarding the bylaws, rules and regulations that will govern the operation of the Center. Members of this committee named thus far include Dr. David Frankel, Bob Welsh, Torrance Downes and Madison resident and New Haven’s TV Channel 8 News Anchor Ann Nyberg.
A fund raising Valentine’s Day dinner dance was held at Penny Lane Pub in February, thanks to the generosity of owner, Bob Hansen. A Celebrity Auction held at and sponsored by the Saybrook Point Inn on May 12th (Hepburn’s 100th birthday), raised approximately $56,000 with over 300 in attendance bidding on 150 items. Many businesses, merchants, individuals and celebrities offered monetary support and donated items.
Several radio and television stations have interviewed committee members. We have received publicity through the printed media on the local, state and national level. A Hepburn film festival in cooperation with Wesleyan University in Middletown, CT, will feature four of her films during the month of July. These will be presented at the University at no charge. A reception will follow the first presentation on July 10th.
PROJECT BUDGET INFORMATION
Projected Construction Cost $3,540,000
Interior finish and other project expenses 1,155,000
Project Total $4,695,000
Endowment to supplement operating budget 1,000,000
Total Needed $5,695,000
Available Funds
STEAP Grant 500,000
Small Cities Grant 310,000
Liberty Bank Grant 25,000
Essex Savings Bank 10,000
Sinking Fund from Town of Old Saybrook 200,000
Celebrity Auction 56,000
Capital Campaign to date 325,000
Total $1,426,000
Proceeds from sale of Municipal Bonds 2,980,000
Capital pledges received 150,000
Total $4,556,000
As you can see from the budget above, the total cost of this project is $5,695,000. From bonding, grants, the town of Old Saybrook and individuals, $4,556,000 has been raised to date. This means that we need $1,139,000 in additional money to complete the project and to create a $1 million endowment to supplement the annual operating budget.
I know many of you wondered last summer and in the fall if the Katharine Hepburn Cultural Arts Center & Theatre would actually become a reality. As you can see from the progress we have made, the answer is now an emphatic YES. But the job is not done yet, and we need to raise more money with your support. A member of our Campaign Committee will be contacting you in the coming weeks to solicit your help. I urge you to be generous.
Respectfully submitted,
Walter Hirsch
Building Committee Chairman
June 8, 2007
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