My Night Voyeurs (the Theatre kind I mean!) let’s chat,
Okay so I may never be the constant blogger but I do only speak when there is something significant to say, and here it is.
Some of you may know that the attorney for the business is the top International Trade Attorney John J. Maalouf, for those who don’t but are on Linked In with us look him up it would be worth a read. I consulted with him a few weeks ago about the government program to bring International investors here to the US by investing in companies OTHER than non-profits.
The questions I had were;
Does his company operate this program? The answer was yes. Reason for the question? As most of you know I prefer to keep as few organizations and companies involved as their specialties allow. If your company does it very well I stay in one “house”.
Once split into separate companies (more on that later) can the Centers set up to operate the program raise funding for the parts individually? The answer was again yes.
Using no more than 15 – 20 such investors what would be the next steps to add to fund raising? His answer was he plans to put the companies with an investment bank for the Inc side of the funding.
These are the best answers I could have wanted to hear. Raising the amount needed for this project is, to say the least, a monumental task and as it rests only with me and the legal team (there are 2 attorneys on the team one is John for all things business and the other is Greg Markel for litigation as everyone knows being sued is a vile reality of the country) we have a job ahead of us.
Now let me explain about the splitting of the project into companies. John and I decided about 2 years ago that in order to allow investors to put their funds with the company of its choice weather its a restaurant, the theatre with its tax credits, or the school, they have options. In addition to that the Atrium will house 4 small food stalls that will be owned by Davenports and rented by the business owners until they are flush enough with funds to buy us out and operate interdependently should they choose.
Okay so what now? John and I are going to begin work on the separations and the submitting of the companies to the Investment Centers, then the contracts for the rest of the process. Yes it like everything else takes time buy each step brings the project closer to fruition and that is a good thing.
Some of you may have seen or hear on KPBS the interview (albeit short) I did in March on a program to showcase the theatre. It gained the project a much needed bout of public exposure. There was a question I had for the interviewer which was why did she choose me to do the interview with folks like the CEO of what was CCDC, and the President of SOHO? She said was that out of the 6 other rich developers she interviewed I was the only one with a plan for the theatre! That has opened more doors in San Diego for the project and with investors on the station that is in the hearts of those who contribute from vast fund and foundations to the Arts. Exactly what we need.
Another event that caught my attention brought to it by the same interviewer, was that the horrible hip hop club on the corner of 4th Avenue and B Street which is down the street from the theatre is now as of November of last year closed. The owners and I had already spoken about purchasing the building before it closed, they were soft on the idea then not so much now. Why am I interested? There was a request from CCDC for the project to include the rest of the block so I set off to find out about the other 3 owners of the rest of the lots. One was interested, the other two were like the 4th & B owner, not so anymore. We are beginning conversation on the purchases as this would allow expansion of the building and the concept into an entire block. Now there is only a parking lot operating on the block everything else is closed. We have leverage!!
Well my little theatre cherubs the rest will have to wait for another post, my apologies to my London and US team for being away so long and not making a meeting but when I work I am more silent it is a trait I will do away with once we are were we need to be but don’t dispair I will be working for the project always.
To that end I believe I will be back home in San Diego either at the end of the Summer or the end of the year but there will be a fund raiser or two before then to secure the building and get the public and investors in to be in the know about the plans.
I will be more than glad to leave rocket hot, lousy Tucson AZ in any case! I will see my City and my building very soon and kick into high gear again!
I remain as always your,