PROJECT ENGAGEMENT SNAPSHOT
A $29 million bank debt threatened to close a theater in the Midwest, which prompted the City to look at purchasing the facility. The City asked us to validate or refute the contents of an existing report, as they wanted to know the value of their potential property investment.
We assessed routine building maintenance, their long-term capital maintenance plan, maintenance projects undertaken by the theater, and their maintenance staffing approach. Our report provided the clarity for the City to anticipate costs associated with the asset over the next 15 years. In addition, we identified previously overlooked safety hazards, as well as over $1.5 million in potential savings that had not been realized.
With a clear understanding of existing conditions and potential savings, the City completed the purchase with confidence, preserving a cultural asset for their residents' quality of life.