Lake Theater asks to join in City’s Retail Incentive Plan
Wednesday, 08 May 2013 11:06
The Sherman family, owners of the Lake Theater in downtown Clear Lake, are asking the City to consider granting them participation in the Retail Incentive Plan which is already in place in the downtown area.
Bob Sherman told the Council some repairs to the theater building are needed in the next few years to safely and effectively conduct business here.
“We are trying to continue to run a for-profit business. It’s a challenge, but it’s a goal,” said Sherman. “We consider ourselves a tourist draw and service to the community. “
He noted several other independent theaters in towns have not been able to survive and are now being re-opened by community groups desperate to keep the entertainment in their towns. Non-profit groups have opened, or will soon open, theaters in Garner and Lake Mills. The theaters required investment of over $700,000, Sherman said.
“We are asking for a small amount in comparison-- about $10 a day,” said Sherman.
The Lake Theater’s proposal to the city outlines approximately $15,400 in expenses the business needs to address.
The city’s Retail Incentive Plan does not pay cash outright to those qualifying for participation. Funds are given on a rebate basis after an agreement is reached outlining responsibilities of the business owner during the five-year term.
The Sherman family has owned the theater since the late 1970s and recently made a substantial investment in digital equipment which was necessary for the theater to continue to be able to screen movies.
The Council directed City Administrator Scott Flory to work up a Retail Incentive Plan agreement with the Shermans. The agreement will come back to the Council for final approval.
In other business Monday night, the Council approved the final reading of a new ordinance which will increase the pay for City Council members to $2,500 per year, effective Jan. 1, 2014. The - Read More Via e-Edition