(Updated at 4:10 p.m.) Arlington County could come to the rescue for Signature Theatre‘s financial troubles.
County Manager Barbara Donnellan is recommending the county lend the Shirlington theater $5 million, to be repaid over 19 years at a low 1 percent interest, she announced today.
The Arlington County Board will decide whether to approve the theater’s new financing plan at its recessed meeting on Wednesday, Dec. 17. If approved, the county would also forgive Signature for $411,000 in unpaid lease and utility payments, and not collect rent for the term of the loan.
“Signature Theatre is key to Shirlington’s success,” Donnellan said in a press release. “This restructuring will put Signature on a sound financial footing and help ensure that it will continue to draw thousands of people to Arlington every year. This loan, which Signature will repay over the next two decades, is the basis of a responsible financial plan. It will support one of the County’s most important arts organizations, an organization that yields important cultural and economic benefits for our entire community.”
The $5 million will be allocated from FY 2014 closeout funds, Donnellan said. The loan removes Signature from consideration for future county cultural grants. Last spring, the county awarded the theater a $250,000 grant to help it pay off its real estate and business taxes.
The loan negotiations have been ongoing for several years, the county said, and include Signature’s private lender, United Bank, forgiving $2.7 million of its $7.7 million loan.
“All of us at Signature are deeply grateful to our partners at United Bank and Arlington County for working with us to ensure that Signature can continue to thrive in Shirlington for many years to come,” Signature’s Managing Director Maggie Boland said in the release. “As the largest arts organization in Arlington, and Virginia’s largest theater, we are very pleased to cement this long-term partnership with the County.”
Signature, which won a Regional Theater Tony Award in 2009, is arguably the county’s most prominent arts organization. The theater is currently hosting the world premiere of the musical adaptation of Diner. It also conducts an education program for high school students called Signature in the Schools.
Janet Kopenhaver, chair of the Arlington Commission for the Arts, says the commission enthusiastically supports the county’s loan proposal.
“On behalf of the Arlington Commission for the Arts, I want to express our total support for this agreement with Signature Theatre — a critical asset to the County’s vibrant arts community,” Kopenhaver said. “We applaud the County for considering not only protecting a vital real estate investment in Shirlington, but also supporting our nationally-renowned, Tony-award winning theater company that we are so proud to have located in Arlington County.”
Photo via Signature Theatre
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Signature Theatre just released single tickets for all 33rd season productions, which highlights the organization’s long-time relationship with legendary composer Stephen Sondheim. Beginning with the musical adaptation of The Color Purple and irreverent No Place to Go, the season continues with three Sondheim musicals, the DC premieres of Off-Broadway hit Which Way to the Stage and Pulitzer Prize finalist Selling Kabul, the Tony Award®-winning rock musical Passing Strange, and return of Signature’s cabaret series honoring legendary artists.
“Last November, the world lost an icon. The death of Stephen Sondheim was a blow to everyone in the theater community. Signature Theatre would not be the same without Sondheim — he IS Signature’s ‘signature.’ This season, we are honoring the legend with productions of Into the Woods, Pacific Overtures and Sweeney Todd dedicated to his memory. These shows represent the diversity and range of Sondheim,” said Signature’s Artistic Director Matthew Gardiner about the new season.
Join us Sunday, Aug 28 from 12-3pm for our MEGA Wine Tasting
How it Works:
We’ve invited all our wine vendors that we work with to bring 6-10 wines in their portfolio (wines that are usually not carried at Osteria