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 Sources $ 3,448,412 Land Square Footage 5,100 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 VARSITYTHE THEATER 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 Conceptual lobby rendering Conceptual floor plan THE VARSITYTHE THEATER Original floorplan 3 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 VARSITYTHE THEATER 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 THIS MONTH NEW RELEASE NEW RELEASE PARASITE A BEAUTIFUL DAY IN MIDNIGHT Dir. Bong Joon-Ho THE NEIGHBORHOOD Greed and class discrimination threaten SHOWINGS Dir. Marielle Heller the newly formed symbiotic relationship between the wealthy Park family and the A journalist’s life is enriched by friendship destitute Kim clan. Winner of the Palme d’Or when he takes on an assignment profiling at the Cannes Film Festival. Fred Rogers. Based on the real-life friendship between journalist Tom Junod and television star Fred Rogers. SPECIAL MIDNIGHTS HOLY MOTORS SUNDANCE INSTITUTE: Dir. Leos Carax Driven around Paris by a loyal driver (Édith INDIGENOUS SHORTS Scob), a mysterious man (Denis Lavant) dresses up in costumes and plays a number of strange, semiscripted roles. Dir. Various A new collaboration between Sundance Institute’s Indigenous Program and Art House Convergence (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 RETROSPECTIVE SECRET LIFE OF PETS DAUGHTERS Dir. Chris Renaud OF THE DUST Max is a spoiled terrier who enjoys a THEATER VARSITY THE Dir. Julie Dash comfortable life in a New York building until his owner adopts Duke, a giant and unruly The first wide release by a black female canine. Storyboard Artist Adam Van Wyk will filmmaker, Daughters of the Dust was met with answer questions after the film and show wild critical acclaim and rapturous audience examples of how his sketches and story response when it initially opened in 1991. boards were adapted into the finished film. Casting a long legacy, Daughters of the Dust still resonates today, most recently as a major influence on Beyonce’s video album “Lemonade.” 5 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 VARSITYTHE THEATER 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 VARSITYTHE THEATER 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.