FAYETTEVILLE -- TheatreSquared's public funding goal has been met through an investment from the state.
Gov. Asa Hutchinson has authorized a $2.9 million commitment from state's rainy day fund, according to a news release from the theater. The investment recognizes the project's economic development and quality of life contributions, the release states.
Combined with past contributions from the city and Fayetteville Advertising and Promotion Commission, TheatreSquared's goal to secure $9 million in public money has been met. The City Council agreed in March 2017 to invest $3.1 million toward the project. In April that year, the Advertising and Promotion Commission agreed to give TheatreSquared $3 million over 15 years.
The theater enters the final phase of its effort to cover $31.5 million in construction costs, with about $3 million left to go. TheatreSquared is hoping to raise another $2.5 million in private donations. A capital reserve fund will be established to help sustain the company's artistic and educational programs, according to the release.
"As we enter the final phase, we are seeking support from the broader community to step up to help us close the remaining gap with seat sponsorships and grassroots gifts in any amount," Executive Director Martin Miller said.
TheatreSquared announced a $1 million gift from Lynn and Joel Carver last week. The Willard and Pat Walker Charitable Foundation donated $1.5 million in March.
Construction on the new 50,000-square-foot has been ongoing for two years. The main building has two theaters, rehearsal room, offices, education and community space, design workshops and a cafe and bar. A separate building to the south has eight guest-artist apartments. Outdoor areas include a patio on Spring Street, a second-level terrace on West Avenue and a rooftop deck.
Construction is nearing completion at the new theater, which is across from TheatreSquared's current space at Nadine Baum Studios.
A ribbon-cutting is set for Aug. 8. Shakespeare in Love will be the first performance.
NW News on 06/27/2019