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Paramount CEO outlines $66 million 'ShineOn' renovation, seeks bond support
Summary
Paramount CEO Jim Ritz presented the 'ShineOn' campaign to renovate the Paramount and State Theaters, citing a $66 million construction estimate, a $34 million campaign target (about $28 million raised so far) and a request for up to $25 million via a November bond to complete the work.
Jim Ritz, chief executive of the Austin Theatre Alliance and CEO of the Paramount, told the Austin Tourism Commission on March 11 that the Alliance's ShineOn capital campaign will fund an extensive renovation of the downtown Paramount and the adjacent State Theater.
Ritz said the total construction cost is about $66,000,000, with Paramount restoration estimated at roughly $31–33 million and a campaign goal that includes a $10,000,000 endowment. “We’ve raised … $28,000,000,” Ritz said, adding the Alliance’s goal is $34,000,000 and that the group hopes a November bond could provide $25,000,000 in support.
The plan, Ritz said, will not change the theater’s registered-historic structure but will focus on patron comfort and technical capabilities: replacement of all…
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