20 Screen Theatre closing

posted by Twistr54 on November 15, 2008 at 4:18 pm

Studio 28 closing will
affect Wyoming
Last Edited: Friday, 14 Nov 2008, 10:22 PM EST
Created On: Friday, 14 Nov 2008, 9:27 PM EST
Leon Hendrix
WYOMING, Mich. (WOOD) – Studio 28, the movie megaplex theater in Wyoming, will close Nov. 24. It is another hit to the already struggling Wyoming business district as traffic has declined and other companies close up shop.

Some businesses cite the development in Grandville surrounding the RiverTown Crossings Mall as putting a major dent in the business and now this…a business that brought a major portion of traffic for businesses in the area is closing up shop… that also pulling more tax dollars from the city’s bottom line…

“It was almost like getting punched by Mike Tyson. It was like such a shock. You would never think something like that would ever happen,” Frank Vitale, owner of Frankie V’s, told 24 Hour News 8.

A punch in the gut or another cut from the city’s bottom line.

“Well, immediately I began to think, ‘Well, how much of a hit are we going to take on our tax base?’” said Wyoming city assessor Gene Vogen.

No matter how you look at it, the sudden closure of Studio 28 isn’t good for business along what was once a booming part of Wyoming’s economic pulse.

“They’ve been such a mainstay in this city and in business for so long that you’d think that they’re… nothing like that would ever happen to ‘em,” said Vitale.

Vitale leases property from Loeks, the company that owns and operates Studio 28.

“Last night when I got home it was breaking news that there might be an announcement with something with Studio 28. They brought in a lot of traffic into this area and that’s what you need is traffic,” said Vitale.

So what does it mean for Wyoming?

The building is worth nearly $2 million itself, and the property another $2 million.

“Which is a lot of money but at the same time we’re a two and a quarter billion dollar roll. So it’s about half a percent of our tax base,” said Vogen.

It’s not a major blow to the budget. But when you tack on the other recent economic hurdles in the city then a bigger problem can be seen.

“It’s certainly not the end of the world for us. But we do have the situation with GM and that takes a several-times-a-greater hunk out of our tax base. And of course, then tied to that we’re concerned about Delphi,” Vogen said.

Vitale said he is considering Plan B, if it comes to that, of having to move.