Clock Ticks on Warner Theater Purchase: Ridgewood Village Council to Vote on $375K Option Extension
file photo by Boyd Loving
the staff of the Ridgewood blog
Ridgewood NJ, The Village of Ridgewood is preparing to vote on a supplemental bond ordinance that would appropriate $375,000 to extend an option agreement to purchase the historic Warner Theater.
Scheduled for a vote before the Village Council on August 12, the proposed financing would secure an 18-month extension on behalf of the Ridgewood Arts Foundation.
Why Is an Extension Needed?
The foundation’s original option to acquire the circa-1932 movie theater from Bow Tie Cinemas is set to expire on October 31. The initial agreement was financed by Ridgewood taxpayers last year through a $250,000 bond ordinance.
According to Mayor Paul Vagianos, state-level delays have pushed back the grant timeline:
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The foundation is waiting for the New Jersey Economic Development Authority (NJEDA) to open the next round of its Cultural Arts Facilities Expansion (CAFE) grant program.
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The foundation plans to request a $75 million grant—the maximum subsidy available under the program.
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Mayor Vagianos noted that while the full $375,000 bond may not be entirely spent if grant decisions move quickly, authorizing up to $356,250 in bonds or notes ensures the village keeps its option alive.
To strengthen the proposal, the village hired the consulting team that successfully secured a $43 million grant to convert the Rialto Theater in Westfield into a regional Center for Creativity.
$90M Vision vs. Financial Reality
While the acquisition price of the building stands at $2.6 million, Mayor Vagianos estimated the total cost to transform the 94-year-old venue into a modern performing arts center could reach $90 million.
Proposed renovations include:
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Removing three retail stores to the east of the venue to create a 1,400-seat theater.
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Constructing two rear loading docks capable of accommodating 18-wheeler semi-tractor trailers for major productions.
Even if the state approves a full $75 million CAFE grant, the project leaves a funding gap of at least $15 million to $20 million that must be covered through private fundraising.
Local Backlash and Critical Concerns
Despite assurances from Ridgewood Arts Foundation trustee Albert Pucciarelli that state grant approval will unlock donor support and allow the foundation to repay the village, local critics and fiscal conservatives are sounding the alarm:
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Taxpayer Risk: Despite earlier promises that no additional taxpayer dollars would be committed beyond the initial $250,000, taxpayers are now being asked to backstop another $375,000.
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Fundraising Gap: Critics point out that the foundation’s peak annual fundraising historically topped out around $20,000. Bridging an multi-million dollar gap requires raising nearly 1,000 times their past annual high.
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Long-Term Liability: Opponents argue that taxpayers risk becoming permanently tied to funding matches and backstopping operational deficits for the facility.
Addressing operational concerns, Mayor Vagianos reiterated the municipality’s position: “The village is not going into the theater business.”
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When it’s paid for it will be free just like the tunnels and the GWB…………………. Not to worry.
When they built the Parkway they said the toll booths would be removed once the road had been paid for. They didn’t say they would be replaced with overhead things that read your EZPass transponder or whatever it’s called!
At Sea World they have a show with clapping seals.
Ridgewood has a town council that acts the same way.
There is NO WAY this will not become a giant money pit.
Look mom! The same article from yesterday written different
another money losing boondogle…..
Open your wallet, bend over, and grit your teeth.
Vagianos went on record by stating if they don’t get the grant, they have no interest in buying the property at a discounted price and then flipping it to a developer. That is, no interest at all in recovering $625k of taxpayer dollars. What a bunch of stupid morons!
Beautiful do it, spend the money, don’t worry the taxpayers they have it. Spend spend spend baby, how much is the town in debt right now hundred million or so
Just curious James, if you “live”: in the town, are you a homeowner in Ridgewood or a renter?
I think the town is in debt close to 100 million now. I’m sure somebody can clarify it.
The goal is to match the national debt. Getting there.
The easiest way to tell if government is doing a good job is how it handles your money.
High taxes = poor job. Fire them.
Low taxes = good job. Give them another term.
It’s that simple. That’s what people should vote on.
Way, WAY, too sensible.
I strongly recommend the movie “The Money Pit”, from about 1986. Very entertaining and truthful. The lesson? Never buy an old Victorian home, and by contrast, never buy an old, worn-out movie theatre that needs $90,000,000 to restore. NINETY MILLION DOLLARS. If that is not ridiculous enough, there will be the inevitable cost overruns. Before you type it, yes, it is my taxpayer money, even if it comes from Trenton. End this nonsesne, NOW.
Way, WAY, too sensible.
How does donor money become “unlocked”? They can make their pledge public if they want. Nothing is stopping them.
Where is the 5 year operating plan? Once the state money is spent how are they going to keep it afloat?
The RAF does not have any members skilled in this area. They need a competent person to explain this to residents.