Historic theater’s restoration plan faces final hurdles
MENLO PARK, CA — The owner of the Park Theatre is trying to keep the building open, but it might require some help that the city is unsure they want to give.
An ambitious plan to restore the Park Theater hinges on a last-ditch effort by Andy Duncan, the main proponent, to coax Menlo Park city officials into giving him a loan or joining him in a public-private partnership.
Duncan submitted a formal proposal to City Manager Glen Rojas on Thursday. Because of escalating restoration costs and the fact that a market-based solution to revamping the theater isn’t workable, Duncan has offered the city two options: Lend him $500,000 at 5 percent for 25 years or buy the land and lease it to him for 55 years.
“At $2.2 million, the second option is far more expensive for the taxpayer, but it would give the city ownership of an important historical resource,” Duncan said.
You can read the full article at the San Mateo County Times.