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:

• 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.

• The foundation plans to request a $75 million grant—the maximum subsidy available under the program.

• 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.

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$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:

• Removing three retail stores to the east of the venue to create a 1,400-seat theater.

• 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.

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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:

1. 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.

2. 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.

3. 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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