10/12/2012 – Unveiling the Obelisk and launching the Capital Fund Campaign Drive

24 January 2015

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Comments from Greg Rueger, President of the ETPA:

There you have it! The beginnings of our pedway mural to advertise our efforts to re-open the Egyptian and to display to all of you, our supporters, the progress we are making in collecting the funds we need to address our Theatre’s structural issues and re-open the Egyptian to serve our community.

Over the next month or so you will see the mural evolve over this portion of the wall as City Councilor and Egyptian supporter Mike Vaughan and a cadre of his artistic friends and supportive merchants donate their time and the materials needed to provide us with our “Egyptian Obelisk Thermometer of Progress”.

Let me explain what you see before you – this is the outline of our obelisk thermometer with our overall financial goal and progress to-date shown upon it.

The base of the obelisk represents “ground zero”, where we were financially in 2005 when Coming Attractions decided to close the Egyptian and many of you, those who eventually formed the Egyptian Theatre Preservation Association, and our partners, the City of Coos Bay, decided to not let that happen.

The top of the obelisk (not in view today) has $1,673,000 painted next to it. This represents the total of what we as a community have already invested in restoring our theatre plus the additional amount we will need to fund the work we need to do to re-open the Egyptian.

As we collect the funds needed, each month we will be filling in the obelisk thermometer to show our progress. For now we simply painted progress in with a solid color – that will be replaced with decorative Egyptian motifs as Mike and his fellow artists complete the mural.

What progress have we already made?

54% Mark — $898,000

54% of the way up the Egyptian’s obelisk you see the number $898,000. That is the amount our community invested to purchase the Theatre from Coming Attractions, the amount already invested in the Theatre to do things like add new heating and re-open the Egyptian’s balcony, and in performing the engineering studies we needed to plan our future restoration work and assess the structural integrity of our theatre.

This money came from grants we have received like the $30,000 the Coquille Tribal Fund gave us to install new heating, the City of Coos Bay’s Urban Renewal Agency, and the donations you have made through the Egyptian Theatre Preservation Association. The $898,000 is what we have invested in the Theatre’s purchase and restoration up through March of last year.

Unfortunately, our engineering studies uncovered structural deficiencies in our building that required us to close the Theatre in March of 2011.

 

61% Mark — $1,021,000

61% of the way up the obelisk is the next figure I want to explain: $1,021,000 that is where we are today in our fundraising efforts to reach the top of our obelisk!

The ETPA and our staunch partners, the City of Coos Bay, have been very busy since March of 2011. We have engaged with a team of experts to define exactly what we must do to repair the Theatre to safely re-open it as soon as possible, to carefully plan out our capital campaign to fund the work required, and to do the spade work we must to provide the information agencies and foundations we are approaching for funds will want to see to support our request for their help.

We have made tremendous progress.

Since March of 2011 we have collected or obtained firm commitments for $123,000. These funds have come from organizations like the Trust for Historic Preservation and the Ford Family Foundation to fund some of the preparation work we needed to do, the Urban Renewal Agency, and over $34,000 in anchor, lead donations from members of our community who feel passionately about the Theatre and want to help us re-open it.

To Go — $650,000

By our estimate, we still have a little over $650,000 to raise before we meet our goal shown at the top of the Egyptian obelisk.

We are targeting to raise $460,000 of that from grants from various foundations and agencies – last month we submitted our first round of grant requests to 9 foundations requesting a total of $315,000. Though we don’t expect to receive decisions from any of these until the end of this year, our requests are garnering interest and with several we have already successfully passed their first hurdle of review and winnowing.

Lastly, we are targeting to raise another $190,000 from our local community over the next 6 to 9 months. Look to participating in lots of fun fundraising events and please consider giving a financial contribution to our cause that is meaningful to you. Your continued support is very important, not just to raise the $190,000 but to show the foundations we are requesting grants from that our community really wants the Egyptian re-opened.

Grand Re-Opening — 2014

The last number I want to give you is 2014 – that’s the year in which we are targeting the Egyptian Theatre’s Grand Re-Opening — the first half of 2014 to be more exact. Is that an aggressive target – Yup. But can we do it? – You better believe we can !!

Three cheers for re-opening the Egyptian!!!

Crowdatopening