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Council: Warner Theater plan depends on NJEDA grant; Ridgewood Arts Foundation has a ready application
Summary
Council described the Warner Theater project financing: a $250,000 option payment by the village (reimbursable if the grant is awarded), an applicant purchase price around $2.6 million, and renovation cost estimates up to $90 million with a potential NJEDA Cultural Arts Facilities Expansion (CAFE) grant of up to $75 million covering roughly 80% of eligible costs.
A resident asked for a clear accounting of who would pay for the Warner Theater renovation and what the village's financial exposure might be, prompting council and staff to outline the current plan and grant strategy.
"The option price was $250,000. If we purchase the theater, that's great. If we don't purchase the theater, the village is out $250,000," the mayor said, summarizing the village's role. The mayor added that the purchase price being discussed was in the roughly $2.6 million range and that the Ridgewood Arts Foundation — not the village — is the official applicant for the NJEDA grant.
Council members explained the NJEDA Cultural Arts Facilities Expansion (CAFE) program allows applicants to apply for up to $75 million, which the mayor said in this case represented about 80% of the renovation estimate. "Amazingly, they estimate the cost at $90,000,000," the mayor said, adding that the application will be reviewed closely by the NJEDA and that private donations were expected to cover any balance if the grant were awarded.
A council member added that the Ridgewood Arts Foundation has engaged an 8–9 firm consulting team of architects, engineers and fundraisers to prepare a grant-ready application, and that the consultant team cost (paid by private donations) was "about a little over $300,000." The mayor said the application is "push button ready" and will be filed once the NJEDA reopens the application window, likely in the fall.
Why it matters: The theater would be a large cultural and economic project; the village emphasized limited municipal financial exposure beyond the option payment, while the project’s full realization depends on a competitive state grant and subsequent private fundraising.
What residents asked: Michael Ngo sought clarity on the $250,000 option, the purchase price, the $50 million–$75 million renovation estimates he had read online, and who would carry ongoing operating costs. Officials responded that the plan relies on a grant and private partnerships and that the village did not plan to underwrite operating or maintenance costs beyond the initial option payment.
Next steps: The Ridgewood Arts Foundation will submit the application when the NJEDA reopens the portal; council said it would monitor the application and that the village is not expected to contribute beyond the option payment unless circumstances change.
