Prospects for saving the Beach 4 looking dim
CAPE MAY, NJ — The ongoing effort to save the Beach 4 may have reached a point where further efforts may be futile. The not-for-profit foundation that ran the theater up until 2009 under a lease from Frank Investments is broke, and the city is demanding repayment of a loan that may leave individual contributors liable.
Foundation president Steve Jackson said this week that if the city demands payment, it would bankrupt the Beach Theatre Foundation, ending any chance of saving the theater, and put the 35 Cape May residents who signed off on the loan on the hook for thousands of dollars each.
“I cannot see how that is in the best interest of the city,” Jackson said, adding later, “If they demand it right now, it does no one any good. We don’t have the money to pay it back. It just puts the foundation out of business, and destroys any chance of that building being saved.”
Read the whole story in the Shore News Today.