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Corpus
Christi PATCH
Positive Action Towards Cultural Heritage
Dedicated to restoring the Ritz Theatre in Corpus
Christi, Texas.
RITZ & POLITICS - Some Frequently Asked Questions
1. What is a voter approved bond?
2. Why is PATCH seeking to be approved by voters for a bond?
3. Why should we support this project in these hard times when there are streets that need to be fixed and PATCH hasn't raised much money yet?
4. Doesn’t a private owner, TRT Development and Bob Rowling own The Ritz? Why should we support a private owner on a public bond?
5. Who will get the money?
6. What does PATCH plan to do with $500,000?
7. Why get on the bond for so little? Is it worth all the trouble for a public vote when it’s only a drop in the bucket?
8. Will The Ritz on the Bond 2008 package affect other Downtown Projects?
1. What is a voter approved bond?
A city levies tax rates to pay for long term bonds. Bonds using taxes to guarantee the payment of cost of principal and interest are known as “general obligation” (G.O.) bonds. The City issues the bonds to entities only after the voters have approved the bonds.
2. Why is PATCH seeking to be approved by voters for a bond?
Bond money will provide a major jump start for the Ritz Theatre Restoration, allows us to hire a full-time fundraiser and executive director, get the necessary estimates for a detailed restoration budget, and starts the basics of getting the theatre safe for restoration experts to come in.
Approval of the bond will especially demonstrate city and then community support. We are constantly asked what the city is doing to help get the theatre restored and nothing has been done to date. Such money will be a display of support from the city and will motivate others in the community to also support the project. Regardless, this type of commitment from the city, for the restoration of The Ritz, is needed for us to succeed. The bond is the first chance and is a fantastic opportunity to assist PATCH in reaching Phase 1 goals.
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3. Why should we support this project in these hard times when there are streets that need to be fixed and PATCH hasn't raised much money yet?
PATCH does not deny that there are many projects worthy of voter dollars. We ask that Council and the voters find a balance between infrastructure and quality of life. Many infrastructure needs could never inspire Corpus Christi, elevate our city's self esteem, or jumpstart a major project for economic development. Few theatres have succeeded without cities stepping in to give major support, regardless of ANY fundraising success or building ownership (we have examples to prove this). In the hardest of economic times (the Great Depression), The Ritz inspired Corpus Christi to get through the tough times. Almost 20 years have passed with various groups trying to get The Ritz restored on their own. NOTHING has happened. PATCH has come farther than any other group. Now we need the city and the community to help us make this happen. We cannot do it without you.
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4. Doesn’t a private owner, TRT Development and Bob Rowling own The Ritz? Why should we support a private owner on a public bond? How can we support this when PATCH doesn't have economic title to the property?
Through the ownership of Corpus Christi Ritz Theatre, Inc., Robert Rowling and Mike Smith are associated with The Ritz. TRT Development does not technically own The Ritz. A separate company, Corpus Christi Ritz Theatre, Inc. (CCRT) was established in 2007 to function as a separate entity, which is a benefit to everyone because of liability. This action facilitates the mission of PATCH and allows for us to have events such as the Jr. League Helping Hands Cleanup and future fundraising events because of the separate liability.
Corpus Christi PATCH, Inc. (PATCH), a 501c3 non-profit, and CCRT, through a signed letter of intent, agree that the building and adjacent parking lot will be donated to PATCH. It is a letter of intent, a signature of support, and allows PATCH to move forward. Solid numbers for restoration or ownership transfer will not be defined until we have been able to complete Phase 1 of the project (hence, the request for bond money).
PATCH and CCRT have agreed to “use reasonable diligence to commence good faith negotiations in order to execute and deliver a definitive donation of The Ritz to PATCH.”
TRT and Mike Smith were the first to ever say "yes" to PATCH and our mission to restore The Ritz, a building they have thankfully kept from the wrecking ball for almost 20 years. They have supported PATCH at every step. We consider the letter of intent and the conditions of that letter part of our due diligence and are happy to rise to the challenge. The Ritz restoration requires a leap of faith from everyone, and with everyone's contribution and positive action, we will achieve a restored Ritz, a source of stimulation for our community, proven in so many other cities supporting historic theatre restoration.
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5. Who will get the money?
Approval of public bond funds will be distributed to PATCH to restore the historic Ritz Theatre. $500,000 and city support allows PATCH to reach the first milestones to adequately define the scope of work necessary and obtain the attention and involvement of the entire community. PATCH will move forward through the next milestones of restoration with the help of full-time, professional, nationally-honored restoration teams of Janis Barlow and several others that have already been consulted. The current, private ownership of the building affords tax relief to PATCH until the money to "pull the trigger" on a full-scale historic restoration becomes available.
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6. What does PATCH plan to do with $500,000?
1. Secure the services of Janis Barlow and Associates, historic theatre restoration and management consultants, or other qualified outside consultant, to facilitate the following:
• Create a fundraising plan describing fundraising strategy and a definitive commitment of funds.
• Define the scope of work and updated budget for the renovation and development of The Ritz Theatre and programming within.
• Outline a timeframe of less than five years for full restoration and start of operations.
2. Hire full-time Executive Director and strengthen fundraising action
3. Start Phase 1 of the Ritz Theatre Restoration including
a. secure building structurally
b. complete asbestos abatement
c. repair building, and establish basic operational functionality (electrical, lighting, ventilation, etc.).
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7. Why get on the bond for so little? Is it worth all the trouble for a public vote when it’s only a drop in the bucket?
The Ritz is currently on the bond budget for $500,000. We know this is small change compared to 6 million (minimum) needed to restore The Ritz. We first asked for 6 million. We were told this would raise taxes. PATCH does not have any intention of raising taxes on this bond election, so we proposed a 1.5 million dollar package instead. Because of all of the other Downtown needs, streets, neighborhoods, and many needy projects around the city, PATCH is thrilled to be initially approved (on draft 2 of the bond) for $500,000.
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8. Will The Ritz on the Bond 2008 package affect other Downtown Projects?
We are trying to find out now if we can be on our own proposition, so that The Ritz does not affect any other Downtown project.
The Ritz, once restored, will be an anchor business and major catalyst for Downtown development. Studies prove that healthy downtowns have a direct impact on surges in job growth throughout the metropolitan area. The Ritz Theatre’s restoration and the reemergence of a cultural hub will serve an important turning point for the immediate downtown area and stimulate others into action. The development of dynamic programming and educational services will invigorate the community and inspire more and more people to frequent downtown, giving prospective business owners incentives to relocate or create new businesses in the area, thus stimulating economic development for us all.
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Please help PATCH continue positive action for Downtown and for Corpus Christi through the bond election. We need the City's help to take the next step.
Problems or questions, email info@ccpatch.org
or call 361-887-5066 |
