What relationship does the office building at 531 West Main (the Gray Building) have to the restoration and operation of the Wayne Theatre?
The office building was a gift to the Alliance by Robert Gray Builders, Inc. It needs an investment to turn into modern office spaces. The funding of that rehab project will be done through a mortgage with payments met by the rental of the updated units. In the meantime, the West Main Building will be used as collateral for a line of credit to cover the initial costs of the capital campaign. When the Board is satisfied that the campaign is going to meet its goals, the Board will proceed with the reconstruction of the building. The goal will be to make the West Main Building a source of financial support for the operation of the Alliance and thus of the Wayne Theatre.
Related Questions
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