The Sioux Falls Film Society currently has an option to purchase the State Theatre in downtown Sioux Falls for $200,000 ($300,000 purchase price, minus a $100,000 donation by the current owner). Though a $100,000 loan approved from Wells Fargo, along with a $100,000 grant from the City of Sioux Falls, the Society now has access to funds for the purchase. The option expires at the end of October, by which time the Society will elect to purchase based on the perceived level of community support and availability of funding for renovation. The loan and the grant are contingent on the purchase of the building.
Our plan is to develop the State for our own 35 mm film showings, as well as for office, library, storage and practice space for the Sioux Falls Municipal Band. An additional $10,000 grant from the City of Sioux Falls, along with $10,000 earnest money placed toward the purchase option (minus closing costs), will allow us to pay mortgage on the building while it's being developed for film showing and Municipal Band tenancy. We estimate it will take about $500,000 to prepare the State for tenancy, after which time we will have income in excess of the mortgage and operating costs for the building. An additional $900,000 is required to complete the renovation for film presentation. The ultimate goal is historical restoration - another $700,000.
The Society is pursuing a three-pronged approach to funding: public (government), private donations and grants from foundations. Watch this page for updates. We believe a restored State Theatre will provide an excellent home and venue for the Society, and will complement the downtown streetscape with increased opportunities for entertainment
For more information on the Save the State Theatre campaign, contact us.