A 21ST CENTURY VISION FOR THE

THE VARSITY THEATER WILL BE A PLACE FOR MOVIE LOVERS TO EXPERIENCE MOVIES — NEW, OLD AND RARE — IN A BEAUTIFUL, INTERACTIVE AND HISTORIC SETTING.

Renderings by RDG Planning & Design. December 25, 1938 PROJECT OVERVIEW ABOUT DES MOINES The renovated and modernized Varsity FILM SOCIETY Theater, operated by the nonprofit A 501(c)(3) nonprofit founded in 2015, Des Moines Film Society, will: the DMFS mission is broadly to grow the film culture in Des Moines. The • Continue the first-run, art house programming of the last 60 years organization has produced dozens of events at venues such as Hoyt Sherman • Rehabilitate the Varsity to its 1938 glory Place, Fleur Cinema and The Varsity • Expand its programming via a Theater. DMFS is the only nonprofit “Since it closed 2nd screen microcinema organization in Des Moines solely in December • Program films that reflect the dedicated to the art of cinema. 2018, “save diversity of Des Moines The Varsity” has become a • Establish a true Film Center where film lovers and filmmakers can connect BOARD OF DIRECTORS repeated refrain, Ben Godar — DMFS Co-Founder, and we believe Filmmaker the Des Moines Film Society Danny Heggen — Krause Group FINANCIAL & is the entity STRATEGIC PARTNERS Larry James — Faegre Baker Daniels best suited to Debra Kurtz — Des Moines Art Center carry out this include Nick Renkoski — Dwolla community Drake University imperative.” Amedeo Rossi — 80/35, Vaudeville Mews National Trust for Historic Preservation - Drake President Michael Wagler — Main Street Iowa The Gregory & Suzie Glazer Burt Marty Martin Boys & Girls Club Latino Center of Iowa

BY THE NUMBERS

Stats Total Estimated Land Square Footage 5,100 Sources $ 3,448,412 Building Square Footage 6,160 Lender Financing (42%) $ 1,451,841 Year 3 Revenue $ 847,223 Historic Tax Credits (14%) $ 496,571

Year 3 Expenses $ 586,097 Donations (29%) $ 1,000,000 THEATERTHE VARSITY Year 3 NOI 261,126 Grants (14%) $ 500,000

Year 3 Value — Total Estimated Uses $ 3,448,412 8.5% Cap Rate $ 3,072,073 Acquisition (11%) $ 380,000 Hard Cost (64%) $ 2,208,800 Soft Cost (25%) $ 859,612

2 THE VARSITY THEATER 3 Original floorplan Conceptual floor plan floor Conceptual Conceptual lobby rendering lobby Conceptual A PROJECT FOR FILM LOVERS

FILM IS ART Over With its 2nd screen microcinema, 90% of Art House patrons The Varsity Theater will continue say their theater: showing the best first-run art house, foreign and documentary films, but • Makes life enjoyable expand its programming with more revival screenings, series targeted at • Sparks their curiosity underrepresented populations, and • Opens new worlds opportunities for local and regional filmmakers to showcase their work and build community. Source: AHC 2018 National Audience Study

HIGH QUALITY LOBBY & LOUNGE PRESENTATION Your experience at The Varsity Theater extends to the time before We take the art of screening film and after the show. Relax in the seriously. Whether digital, 35mm film expanded lobby or the newly- or on Iowa’s only 70mm projector, your renovated, mid-Century, 2nd floor feature will look and sound incredible. lounge. Enjoy a drink and a conversation with fellow filmgoers or filmmakers and other special event guests.

UPGRADED FILM CENTER CONCESSIONS As a screening facility, meeting center and home to all the educational and In addition to The Varsity Theater’s other support resources of the Des beloved popcorn and all your movie Moines Film Society, the Film Center at THEATERTHE VARSITY theater favorites, the renovated theater Varsity Theater will be the hub of film will feature beer, wine and film-inspired culture in Des Moines. It will serve as a specialty cocktails. portal for local filmmakers to get their films out into the world and to bring world renowned filmmakers to Des Moines to grow our local film scene.

4 THE

NEW RELEASE THIS MONTH

NEW RELEASE MIDNIGHT SHOWINGS A BEAUTIFUL DAY IN THE NEIGHBORHOOD PARASITE Dir. Marielle Heller A journalist’s life is enriched by friendship Dir. Bong Joon-Ho MIDNIGHTS when he takes on an assignment profiling Greed and class discrimination threaten Fred Rogers. Based on the real-life the newly formed symbiotic relationship friendship between journalist Tom Junod and between the wealthy Park family and the television star Fred Rogers. SPECIAL destitute Kim clan. Winner of the Palme d’Or at the Cannes Film Festival.

HOLY MOTORS Dir. Leos Carax Driven around Paris by a loyal driver (Édith Scob), a mysterious man (Denis Lavant) dresses up in costumes and plays a number of strange, semiscripted roles.

SUNDANCE INSTITUTE: INDIGENOUS SHORTS

Dir. Various A new collaboration between Sundance Institute’s Indigenous Program and Art House Convergence RETROSPECTIVE (AHC), a North American coalition of community-based, mission-driven movie theaters, brings six Indigenous short films from Sundance Institute Fellows to select AHC theaters in North America during November’s annual celebration of National Native American and Alaska Native Heritage Month. ARTIST IN PERSON THE VARSITY THEATERTHE VARSITY DAUGHTERS OF THE DUST SECRET LIFE OF PETS Dir. Julie Dash The first wide release by a black female Dir. Chris Renaud filmmaker, Daughters of the Dust was met with Max is a spoiled terrier who enjoys a wild critical acclaim and rapturous audience comfortable life in a New York building until response when it initially opened in 1991. his owner adopts Duke, a giant and unruly Casting a long legacy, Daughters of the Dust canine. Storyboard Artist Adam Van Wyk will still resonates today, most recently as a major answer questions after the film and show influence on Beyonce’s video album “Lemonade.” 5 examples of how his sketches and story boards were adapted into the finished film. A PROJECT FOR DES MOINES & THE DRAKE COMMUNITY

HISTORY OF THE VARSITY Built in 1917, the building served as the University Motor Company and a Coca-Cola bottling plant. The building was renovated and opened as The Varsity Theater on Christmas Day, 1938. In 1954, the theater was purchased by Bev Mahon and Robert Fridley. They operated the theater jointly until 1975, then Mahon and his family continued to run The Varsity until 2018. With records showing French New Wave films playing as early as 1961, The Varsity Theater is one of the longest-running art house cinemas in America.

“It’s important to the Mahon Family that our father’s legacy of bringing independent and foreign films of substance to The Varsity continues. We feel the Des Moines Film DES MOINES' A DRAKE INSTITUTION Society is best suited to carry on LAST HISTORIC For nearly 100 years, The Varsity Theater this tradition.” has served Drake students. Even before - Denise Mahon MOVIE THEATER it was renovated into a movie theater, The Paramount, The Des Moines, The the building was the mess hall for Drake Orpheum… Des Moines was once home students in the Army Training Corps THEATERTHE VARSITY to an array of movie palaces. Over time, during World War I. Since 1938, The all have closed and nearly all have been Varsity Theater has been a place for demolished. Only The Varsity Theater students to go out on date night or even remains. Preserving The Varsity means to work a part-time job. Generations preserving the time when going out to of students have been exposed to the the movies was an essential part of life best in foreign and art house fare, with in Des Moines and across America. Drake Alum like John August even going on to renown careers in Hollywood. 6 The majority of Art House patrons say their theater: ECONOMIC IMPACT The economic impact on the surrounding • Serves as The modernized Varsity Theater will neighborhoods at a point of be a magnet for the revitalized and similar theaters is community growing Dogtown neighborhood. pride Similar theaters in Omaha and Iowa $9 million. • Adds to the City draw 50,000 people annually, economic and art house audiences nationally vitality of the are highly educated, with a household community income 51% above the median. • Is an Source: Americans for the Arts analysis of Coolidge Corner Theater anchor in the community

Source: AHC 2018 National JOIN THE Audience Study MOVEMENT Dundee and Ruth Sokoloff Theaters, Omaha Independent cinemas run by nonprofits are thriving around the FilmScene and The Chauncey, country. This is a missing piece in the Iowa City Des Moines cultural landscape. Sie Film Center, Denver St. Anthony Main, Minneapolis

WORLD CLASS True/False Film Festival in Columbia, MO draws FILM FESTIVAL The Varsity Theater and Drake 50,000 people University, coupled with other partners per year and has an economic

in the Dogtown neighborhood, will impact of more than THEATERTHE VARSITY provide the perfect spot to bring a world class film festival to Des Moines, $2 million. curated with the greatest upcoming films from around the world, and many filmmakers in-person. Source: Columbia Convention and Visitors Bureau

7 HELP US MAKE IT HAPPEN.

DES MOINES FILM SOCIETY desmoinesfilm.org [email protected] 515-988-8447