PRESS RELEASE

Theatre Cedar Rapids Plans $2.5 Million Renovation

Proposal to Preserve and Upgrade
Historic Building in Downtown C.R.

CEDAR RAPIDS, IA (Jan. 29, 2008) - Theatre Cedar Rapids will raise $2.5 million for improvements to its home in the Iowa Theatre Building, renovating a century-old Cedar Rapids landmark and improving its visibility in the downtown area, officials at the theatre announced today.

The money will give the building a massive facelift, providing much-needed repairs to its electrical, plumbing and HVAC systems while also creating more space for its patrons, upgrading sound and lighting systems and replacing the outdoor marquee.

The project, part of a $3.5 million capital campaign to be kicked off March 27, will be the first major revision of the building since Theatre Cedar Rapids took ownership of it in 1982.

"I am an enthusiastic supporter of the renovation plans being developed by Theatre Cedar Rapids," said Doug Neumann, President and CEO of the Cedar Rapids Downtown District. "The improvements to that building would be an important addition to the downtown revitalization occurring throughout the core of our city."

Originally, the Iowa Theatre Building had served as a movie theatre. It is currently home to Theatre Cedar Rapids, the Cedar Rapids Opera Theatre and the Cedar Rapids Harmony Hawks, as well as touring companies and corporate events. The 500-seat auditorium provides a key piece of the city's venue portfolio.

However, the building's age has created difficulties. Many of the building's plumbing and heating systems are still original, and are badly weathered. Patrons have also struggled with small lobby and restroom space, which create serious traffic problems when shows have full houses.

The $3.5 million fundraising program will put $2.5 million toward improvements to the building structure, including

• expanding the lobby, restrooms, and concessions area;
• relocating the box office staff offices;
• making general upgrades and enhancements, including improved lighting and sound; and
• enhancing exposure on 1st Avenue and 3rd Street with new windows and an improved entrance.

Due to the building's age, the project will also address infrastructure items such as upgrades to the plumbing and HVAC systems. Additional funds will help to prepare the building for increased facility use by other, smaller cultural organizations.

In addition to the renovation and expansion, the campaign will provide

• a $700,000 endowment to provide perpetual income to help with operations;
• $100,000 for architect fees and other expenses; and
• $200,000 for children's and adult educational programs as well as increased classes and workshops for teens and others.

"Theatre Cedar Rapids' preservations and improvements are integral to the cultural diversity of our community," said Lee R. Clancey, President and CEO of the Cedar Rapids Area Chamber of Commerce.

Volunteers and fundraising plans are currently being organized, with more than $1 million in advance pledges already committed. The Hall-Perrine Foundation has committed $825,000 to the renovation.

"That's a significant endorsement of TCR's importance to our community," said Tom Aller, President, Interstate Power and Light Company, Alliant Energy Company.

TCR will continue to seek advance commitments over the next few months. Then it will take the campaign public on March 27, at a gala theatrical performance directed by former TCR Artistic Director Richard Barker.

The value of arts in the community was recently illustrated by the Americans for the Arts study, which found that more than $63 million is generated by nonprofit arts and cultural organizations like TCR each year in the Corridor. With more than $31 million in spending by local organizations, local nonprofit arts organizations

• support 1,986 full-time jobs;
• generate almost $34 million in household income to local residents; and
• deliver more than $6 million in local and state government revenue.

TCR brings as many as 30,000 people downtown each year, playing a vital role in the rebirth and rediscovery of downtown Cedar Rapids. Improvements to the facility could create a drastic increase in that number, said Casey Prince, TCR Managing Director.

"I can tell you there is more enthusiasm and excitement about the future of live theatre among the board, our volunteers, actors and patrons than we have sensed for several years," Prince said. "The initiative will create perpetual support for our storied organization, improve an historic and unique downtown community structure, more efficiently use existing space for educational programming and ensure that this venue remains a source of local pride as well as a home to Theatre Cedar Rapids."

Contact: Rob Merritt
Community Relations Director, Theatre Cedar Rapids
319-366-8592, rob at theatrecr.org