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Village to pursue option to buy Warner Theatre with Ridgewood Arts Foundation support; NJEDA grant will determine purchase
Summary
The village will enter an option agreement to pursue purchase and renovation of the Warner Theatre; an NJEDA grant (up to 80% of renovation costs) is central to the plan and will determine whether the village proceeds with the $2.5 million purchase.
Mayor Radianos announced that the village will enter into an option agreement with the current owners to pursue acquisition and restoration of the Warner Theatre and will partner with the Ridgewood Arts Foundation to operate the venue if the plan proceeds.
Under the terms described at the workshop, the village will execute an option agreement costing $250,000. The plan calls for the Ridgewood Arts Foundation to apply for a New Jersey Economic Development Authority (NJEDA) grant that could finance up to 80% of renovation costs. If the NJEDA grant is approved, the village would pay an additional $2.5 million to purchase the theater; if the grant is not awarded the option arrangement would not proceed to purchase.
Jill Williams, president of the Ridgewood Arts Foundation, said the nonprofit would take on operations should the acquisition and renovation succeed. Mayor Radianos and council members described the project as a high-priority cultural initiative that would take several years to renovate and reopen: she estimated the first curtain could be in three to five years if funding is secured.
What's next: staff will execute the option agreement and the Ridgewood Arts Foundation will prepare the NJEDA grant application; council will consider financing steps tied to grant outcomes and any required bond or capital-appropriation decisions.
