According to the New Haven Register, The Board of Aldermen unanimously approved the sale of the theatre — which the city government has had full ownership of for 12 years — after two amendments were added to the agreement.
The first amendment states that CAPA cannot mortgage the property as long as it's receiving money from the city, and the second states that if the city fails to pay $1.4 million for critical repairs, the city will not be considered in default of the agreement, and CAPA will adjust plans for repair as necessary. In that event, to reflect the loss of funding, CAPA may adjust its performance schedule — as long as a minimum of 50 performances are held per year.
The sale saves the city from an estimated $10 million in necessary repairs over the next decade. The theatre has not had a serious renovation in 30 years.
CAPA's plan for the space will rid the city of any financial obligations to the Shubert after the next ten years. Over the next ten years, the transfer will cost the city $4.5 million — $2.5 million in the next two years and roughly $249,000 annually for operating costs.
The city currently pays an approximated $250,000 annually to operate the theatre. Under CAPA's Centennial Plan, operating costs will proportionately decrease each year as the association builds an endowment through fundraising and grants. Visit Shubert.com.