It’s been one year since we signed a lease/purchase agreement to run the Vali 3 Theaters. Unfortunately due to lack of ticket sales, we have chosen not to exercise our option to purchase. This weekends showing of “If” will be the last movie shown in the theaters at least temporarily. “IF” is the perfect movie to bring dad to see on Fathers Day so he can reminisce about his childhood!
The Monte Vista City Council will now accept proposals from individuals interested in purchasing the theaters. They can either choose to enforce a clause that would force any new owner to have to run the complex as a movie theater for four years or they can sell off the movie equipment and accept proposals to purchase the theaters with no encumbrances. The council chose to enforce the clause in our lease/purchase agreement, which made our purchase of the theaters unrealistic. Despite running over 21,000 radio spots in the past year, creating a new website capable of showing trailers, creating an e-mail database, purchasing Facebook boosts and marketing through various social media, the theaters average attendance rose by only 2 people per show from 16 to 18 in the past year. That represents less than 7% of the capacity of the main theater. With winter time utility bills in the thousands each month, staffing costs, insurance costs along with licensing and rent, the unfortunate result was the loss of tens of thousands of dollars in the last year.
One of the things we introduced during our rental period was the addition of Bobolicious Coffee in the theater lobby. They sell premium, locally roasted blends Monday – Friday at 7a. Bobolicious Coffee will remain open.
AMC, the nations largest movie theater chain, required a cash infusion of 917 million dollars two years ago. This January, AMC stock hit an all time low. Regal theaters is the 2nd largest chain. They were forced to close 39 theaters earlier this year. It will be interesting to see what the Council chooses to do. The city lost thousands running the theaters themselves, now after a massive marketing campaign that couldn’t be duplicated, we have lost tens of thousands. The city could kick the can down the road by enforcing the clause to keep the theaters movie theaters, basically doing the same thing and hoping for a different result. My experience is… If you always do what you always did, you’ll always get what you always got. What we’ve got isn’t good enough… not for a piece of property in the middle of Adams St that is so big it occupies two street addresses.
Now, more than ever before, the residents of the city of Monte Vista will need their elected council members to step up and make a bold decision that could impact Adams Street for decades to come. Keeping the theaters movie theaters won’t change anything on Adams St. Leading is never easy. It often requires making difficult, unpopular decisions. It’s time for this Council to lead. They should keep the theaters closed until the asbestos in the theater can be removed. During that period the council should sell all the movie assets including the digital projector. That money should then be used to commission a needs assessment study for the best use of that property to promote sales tax and growth on Adams St. Once that research and the asbestos abatement are complete the city can move forward with a targeted request for proposal based on the results of the study. That is leadership only the Council can provide. It will take vision, communication, collaboration, influence, resilience but most of all it will take courage.
Is the Monte Vista City Council courageous or will they take the path of least resistance, cross their fingers and hope for a better result by keeping the property movie capable? The answer is coming in the weeks ahead.
I had a conversation in the theater with a woman and her husband who told me a story about their first date being in that theater decades ago. While I understand and respect the desire to not lose that piece of personal history undoubtedly shared by many others, inaction and lack of change will mean that their grand children and great grandchildren will be denied making similar memories in Monte Vista because of the refusal to change with the times and create spaces better suited to today’s youth.
We are humbled that you chose us to oversee your theaters for the past year. Thank you!
Click below for a podcast previously aired on KSLV and KYDN with many more details about the closing of the Vali 3 Theaters for movies.