Victory theater volunteer project

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Comment by daphne board on November 14, 2009 at 11:09am

More volunteer opportunities with MIFA:
Do you enjoy herding people? Perhaps you also enjoy using a flashlight to direct traffic?
MIFA needs 6-8 USHERS for each performance of Love's Labour's Lost on Dec 3rd, 4th and 5th. Ushers would need to be available approx 1.5 hours before the performance, and task would include making sure people knew where to sit, giving general performance information, and (of course!) SEEING THE SHOW. Maybe even "shushing" people, if that appeals to you. There are five performances (Matinees on Fri and Sat, eve performances at 8 pm on Thursday, Friday, Saturday).
We also need a couple of people who are interested in doing box office related duties for these performances.
Do email me (daphneboard[at!]gmail.com, or here on the ning site) or call me at 413-533-0943. Let me know which performances (more info on www.mifafestival.org) you are interested in ushering.
Thanks!
Daphne

Comment by daphne board on November 10, 2009 at 11:12am

Volunteer opportunities abound at MIFA on Suffolk Street!
This weekend or possibly Monday evening we will be helping MIFA with some needed publicity for the upcoming Globe Theatre performance of Love's Labour's Lost in early December. Please email me directly (daphneboard[at!]gmail.com) or call me at 533-0943 if you have a spare hour or two and want to help out with general brain-not-really-necessary tasks Saturday, Sunday, or Monday. It'll be fun--come hang out at MIFA and look through cool photos of the Victory Theater--and help us at the same time!
THANKS so much!
Daphne

Comment by daphne board on September 14, 2009 at 9:39am

Public Service meeting Tuesday at 6:30 pm in City Hall to discuss MIFA's possible acquisition of the Victory Theater! A full meeting of the City Council is directly after. It is expected that the City Council will vote on this issue at the 7:30 pm meeting. Attendance at the subcommittee meeting, the full City Council meeting, or phone calls or emails to City Councilors are all good ways to show support for the project.

Comment by Mike McCarthy on July 20, 2009 at 6:49pm

I am with you all on this guys. No one wants to see that building restored more than I do. Not trying to ruffle any feathers. I am simply looking for prudence by all parties. When I research MHIC in Holyoke, I don't see much for loans, just equity positions being taken. (REF) This always smells to me. Sorry if I'm being skeptical, just trying to save everyone some heartache down the road.

Right now the City has it up for sale. It's not worth more than $300k as it sits. To restore it (properly) will take $30 M+. The City ownership of it at this time is simply a liability to the city. Any commercial entity taking it over will have one heck of a fight getting it rebuilt. First off, what is the City saying about the tax rate? Last quote I received was $35.15 /k. When I brought that to my board three months ago, we all had a big laugh wondering what kind of drugs the City Council was on expecting someone to pay those kinds of rates after pumping $30 M+ into the building. It makes no sense for a private entity to restore it that's for sure. What assurances does anyone have from the City about the tax rate? We were hoping Mike Knapik would get his Gateway City tax relief package passed. Looks like that's DOA. The only way it can be restored is through a non-profit that won’t get taxed to death by the city. That’s why we aren’t even bothering to put a bid in, we’re hoping MIFA can purchase it and not get taxed to death.

Good luck with the fund raising. I’ll keep an eye on the progress and will be very interested in reading the final purchase agreement with the city.

REF:

Sponsor: River Valley Properties
Location: Holyoke
Type: Rental
Units: 50
MHIC Financing
MHIC Equity: $ 1,513,535
MHIC Loan(s): N/A

Sponsor: River Valley Properties
Location: Holyoke
Type: Rental
Units: 69
MHIC Financing
MHIC Equity: $ 1,701,690
MHIC Loan(s): N/A

Sponsor: Nueva Esperanza, Inc.
Location: Holyoke
Type: Rental
Units: 24
MHIC Financing
MHIC Equity: $ 1,398,288
MHIC Loan(s): $ 891,881


Sponsor: Nueva Esperanza, Inc.
Location: Holyoke
Type: Rental
Units: 33
MHIC Financing
MHIC Equity: $ 4,373,678
MHIC Loan(s): N/A

Sponsor: River Valley Properties
Location: Holyoke
Type: Rental
Units: 154
MHIC Financing
MHIC Equity: $ 7,451,290
MHIC Loan(s): N/A

Comment by Peter (VanDog) on July 20, 2009 at 2:28pm

Thanks for spelling it out Rebecca.

Comment by Rebecca Migdal on July 20, 2009 at 12:22pm

I'm all for optimism-- careful, clearheaded optimism, with a generous helping of realism, to give it nice big hiking boots.

Comment by Jeanne Boynton on July 20, 2009 at 11:44am

This project has been a dream for many of us "Holyoker's" for a very long time. Ever since Helen Casey protested the closing. She is the one responsible for it even being standing now. The project has been the victim of many naysayers over the years and since we have young, energetic, interested peole at the moment, we should try anything and everything possible. I am with the optimists. Let's do it!! Holyoke needs this boost.

Comment by Rebecca Migdal on July 20, 2009 at 11:26am

Mike, I appreciate you calling attention to the potntial pitfalls of equity financing.

However, according to the Jane's Trust report available above:

"In conversations, MHIC has outlined that, based on $2-4M local fundraising, it would utilize new market tax credits to finance 50-60% of the remaining costs using Federal and state programs and stimulate further general matching funds. Similar plans provided $23M and $13.5M for the Colonial and Hanover (theater renovation) projects, respectively."
According to the MHIC website, up to 25% of development costs may be funded by equity financing.
So clearly, if the conversations bear fruit as promised, this would not be a small investment on the part of MHIC, nor would a majority of it be equity based, nor does it appear to place an undue burden on community organizations.

Of course, significant cost overruns could shift that picture or even halt the project entirely. But it appears that similar projects have recently been completed successfully in the region. It would be useful to look at how well those theaters are doing with their programs.

Let's be honest here, if the proposed renovation fails to draw enough regionally based economic activity into Holyoke, the new Victory could end up being a very expensive White Elephant.
Considering the precarious nature of such projects from a financial perspective, equity investing of this type can hardly be considered a sure fire cash cow for the investor.

Also, how much equity can a property like the Victory actually represent, at this stage?

Comment by Mike McCarthy on July 20, 2009 at 8:57am

Peter,

You don't have to explain it to me, I understand what MHIC is. They are a for profit corporation that leverages Government backed HUD properties and gets investors to invest in run down properties and rebuilds them to minimum standards while getting the government to back the renters with Section 8 assurances. Companies like them will always take an equity position and are the ones that end up collecting the rent from the Government.

Their strategy is simple, it gets them (MHIC) assurances that they will always have renters that can pay the rent, unlike the former owners of the buildings who relied on hard working folks with real jobs to pay the rent. Since the Local and State Governments have taxed those jobs out of the City (i.e. $35.15 / 1k Commercial Tax Rate), and the Commonwealth for that matter, something has to be done with the poorest of the poor. So along comes Uncle Sam and his Section 8 HUD programs to fill the gap. Then come the predators like MHIC, all dressed up in feel good sheep’s clothing with a bucket of paint to paint over the rust. Doesn’t everybody feel good about helping the poor stay poor?

Now if MHIC doesn’t take an “Equity Position” in the Victory Theatre, I’ll eat my words. Something tells me I don’t have anything to worry about. Let me know when you get tired of painting over the rust. I’ll be right here in “Cyber Space”.

Comment by Peter (VanDog) on July 20, 2009 at 4:40am

Mike,

You got it all wrong. The process doesn't work like that. Do don't seem to understand what MHIC is? And MIFA has the the old “Measured Drawings” from the defunct Save the Victory org.

Are you still in CA, or have you come back to Holyoke yet. If your in town I will be happy to sit down with you and explain it all.

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