As the Board is aware, the Community Redevelopment Agency (the “Agency”) has established several grant programs, such as the Commercial Property Façade and Exterior Improvements Grant and the Commercial Real Estate Redevelopment Grant, in order to support qualifying private redevelopment projects that effectuate the Community Redevelopment Plan (the “Plan”).  Additionally, the Plan authorizes the Agency to partner with property owners, business owners, developers, and “downtown stakeholders,” including the Richey Suncoast Theatre, to rehabilitate and redevelop structures and properties in furtherance of the Plan’s adopted goals, objectives, policies, projects, and programs pursuant to negotiated terms that may vary as the circumstances warrant. 

As the Board is also aware, one of Downtown New Port Richey’s cornerstone destinations is the Richey Suncoast Theatre; and much like our Downtown and City as a whole, the Richey Suncoast Theatre (the “Theatre”) is in the midst of an incredible renaissance.  Led by a dynamic Board, the Theatre has dramatically increased its performances, offerings, and corresponding attendance; grown revenues; and begun reinvesting in the restoration of the building and its equipment.  With this reinvestment and restoration in mind, the Theatre has submitted a funding request of $100,000. 

Attached, please find a proposal dated April 16, 2024, which was prepared by Doug Jones, Treasurer of the Theatre, and further details the funding request and relevant background information.  As you will note, the Theatre is seeking a $100,000 dollar-for-dollar matching grant that would be made available over a two-year period for qualifying capital improvements, which would remain with the building and exclude trade fixtures and programming expenditures; and the proposal seeks to maximize flexibility so that the Theatre can successfully leverage this grant to win additional grants from the State of Florida, foundations, and other donors.  It is important to recognize that, as with the Agency’s other grant programs, the award of grant dollars would only occur after Agency staff verifies eligible expenditures, and expenditures over $25,000 would be presented to the City Council for approval via Consent Agenda. 

Agency staff finds the proposal consistent with the Plan and is recommending approval because:

• It will help our Theatre continue to grow, improve, and thrive, and a thriving Theatre helps power our downtown and brings us closer to realizing our vision for the future.
•  Community theatres can…
• Enhance art and culture in the community, inspiring, educating, and bringing people together. 
• Have a positive impact on the local economy by
• Attracting visitors and increasing tourism.
• Creating jobs through direct, indirect, and induced employment.
• Increasing spending in the local economy.

• Improve the quality of life (help put the “Live, Work, and Play”) in the communities they serve for the foregoing reasons and because they are fun, engaging, gathering places that instill a sense of community pride.
•  Our community theatre, the Richey Suncoast Theatre, does all the above and more.  As to its economic impact, please be advised that the Arts & Economic Prosperity 6 Calculator created by Americans for the Arts, the leading nonprofit organization for advancing the arts and arts education, estimates a return of $5.38 in local economic impact for every dollar spent by the Theatre, including the proposed grant.
•  The proposed grant would allow them to continue their renaissance and ours.