The township will lease the property back to Paper Mill Playhouse for up to 75 years. The theatre will have an option to repurchase the land and buildings in year 11.
In a statement Paper Mill executive director Mark W. Jones said, "With this unprecedented support from the township, Paper Mill Playhouse will get the fresh financial start it needs. Through the due diligence of this committee, Paper Mill has been able to make a case to our donors, who envision making Millburn's theatre a nationally acclaimed center for American Musical Theater Study and Performance."
The financially struggling Paper Mill Playhouse, according to a press release, plans to "pay off the loan from Investors Savings Bank last year that covered a 2007 operating deficit, provide working capitol for the theatre and add to a newly created endowment seeded by the Robert Wood Johnson Foundation earlier this year."
Paper Mill artistic director Mark S. Hoebee added, "Through the actions of Millburn's Township Committee, the township has become a national leader in supporting the cultural life of its residents. Paper Mill Playhouse is a shining example of what the arts can do to enhance arts education in our schools, transform lives and provide economic benefits to a thriving downtown."
Millburn Mayor Sandra Haimoff stated, "This is a win-win situation for the Township of Millburn and Paper Mill Playhouse…Millburn will purchase a valuable piece of real estate while supporting the arts organization that economically drives our downtown." The Paper Mill Playhouse is located on Brookside Drive in Millburn, NJ. For more information call (973) 376-4343 or visit www.papermill.org.