On Thursday, November fifth, the Troy City Council voted 9-0 in favor of a resolution to support a thorough review of the Troy Proctor’s Foundation’s plan to restore and operate the historic theater on Fourth Street. While individual members of the council have previously made statements supporting our effort, this is the first time they have acted in concert, and represents a huge milestone in Troy Proctor’s efforts!
Councilman John Brown also announced that he is in ongoing discussions with state Assembly Majority Leader Ronald Canestrari, D-Cohoes, about obtaining state assistance in funding the review of the preservation plan. The Troy Proctors Foundation estimates it will take $40,000 to complete the feasibility study.
The wording of the resolution follows:
Resolution in Support of a thorough review of the Troy Proctor’s Inc. restoration and business plan
WHEREAS, the City of Troy has been awarded a $4,000,000 grant from the Empire State Development Corporation for the redevelopment of the former Proctor’s Theatre; and
WHEREAS, the current redevelopment proposal calls for the demolition of the auditorium space in the theater for the construction of a new office building; and
WHEREAS, the proposal for this project states that the restoration or adaptive reuse of the theater would be cost prohibitive and that a restored theater would not be economically viable; and
WHEREAS, in May of this year, Troy Proctor’s Inc., a group of Troy citizens, delivered to the New York State Office of Parks, Recreation and Historic Preservation, and subsequently the Troy City Council, a counter proposal for the restoration and management of Proctor’s Theatre; and
WHEREAS, the Troy Proctor’s Inc. proposal estimates the cost for restoration of the theater to be $15,000,000, a number significantly lower than has been previously projected; and
WHEREAS, due to the historic significance of this Troy landmark and the wide discrepancy between the estimated costs of the two current proposals we believe that a more thorough analysis of the projected restoration costs and future operating costs and revenues is necessary.
NOW, THEREFORE, BE IT RESOLVED, that the Troy City Council supports a review of construction costs for the restoration of Proctor’s Theatre and a feasibility study of the Troy Proctor’s Inc. business plan for future operation.