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Published: Tuesday, Jul. 27, 2010 / Updated: Tuesday, Jul. 27, 2010 03:26 PM

Investors sought for Fort Mill theater

FORT MILL -- 

Fort Mill’s defunct movie theater could be transformed into a multipurpose entertainment venue if area residents cough up the cash, a York movie theater developer and owner said.

Paul Finnican, owner and developer of The Sylvia theater in downtown York, has proposed a plan that would involve about 400 equity partners in the Fort Mill theater project.

The equity owners would each bring a $3,800 commitment to the Fort Mill theater project in exchange for perks, such as first rights to seats and advance notice of performers.

“My vision is that the real estate and all the equipment is owned by a few hundred people,” said Finnican, who has discussed his idea with at least two town officials. “They own what would be like shares.”

If the 400 equity partners come on board, Finnican’s plan would generate about $1.52 million for the Fort Mill theater project.

“It (the financial backing) would make it blossom and come back to life,” Finnican said about the multipurpose entertainment venue.

Mayor Danny Funderburk likes the idea.

“I’m excited that it’s a private venture. The town is not going to have to foot the bill,” Funderburk said. “The town will derive a great benefit from it if the project is successful.”

A thriving multipurpose entertainment venue that includes a theater could be an important part of the economic development plan for the Fort Mill downtown area, Town Manager David Hudspeth said.

“We’d be willing to listen to any scenario that gets the theater project going,” Hudspeth said. “We’ve always thought the theater would be an excellent attraction to bring people into our downtown.”

Finnican’s plan is not limited to residents of the Fort Mill area, he said. “We would hope the equity partners are within a 10- to 15-mile radius, but we’re not limited to that,” he said. “Anybody can be an equity partner.”

All it would take is a deposit from each partner to get the idea rolling, he said. “They should be ready to put down a $300 deposit in January,” Finnican said.

He said he knows some people who are interested. “I have family members who live out of state who want to be equity partners,” Finnican said. “The issue is can we find 400 equity partners.”

Those interested in becoming a partner and reviving Fort Mill’s theater should send their contact information via email to Finnican at pauldidwell@aol.

A lack of response could doom the project.

“If we get no e-mails from anybody then we will know that it will probably remain empty,” Finnican said of the Main Street building.

However, he said, a generous response from interested residents will result in action. “A draft of what the renovation would be will be drawn up during the first quarter of 2011.”

If enough residents respond to fund the project, a balance of $3,500 from each equity partner would be due in April 2011 for construction to move forward, he said.

Finnican wants to gauge the community’s interest to determine if his plan is a good fit for Fort Mill.

Finnican is no stranger to such projects. Under his guidance, The Syliva theater on York’s downtown Congress Street opened in 2004, giving movie-goers a local theater for the first time in more than 30 years and boosting foot traffic in downtown York.

In Fort Mill, town officials have talked about stepping up the foot traffic on Main Street. The existing theater building, owned by Chip Smith, has the potential to be part of that effort, leaders contend.

Town leaders last summer signed a 20-year lease with Smith to rent the structure at 100 Main St. for $1 annually. They went to work with plans to rehab the approximate 5,000-square-foot building into a place where residents and visitors alike can watch musical performances, plays or concerts or take in a movie or two.

The first step involved getting the building up to code, a task for which town leaders slated a $250,000 investment. Another $250,000 would make the building fully functional with extras like seats and lighting.

While the plan sounded good in theory, the Fort Mill Town Council wanted to make sure it was the right move, so they hired a Georgia firm to do a feasibility study.

The study priced the project out of the town’s financial purse. The report offered four options, but each topped $1 million in cost.

Town officials didn’t want to spend that much, especially in a poor economy. The Fort Mill Town Council has not voted on moving foward with the project.

“It’s really not a good recipe for success,” Finnican said about using local tax dollars to renovate the theater. “It’s not a good use of taxpayers’ dollars.”

That’s where Finnican’s plan comes in.

People with a vested interest in the success of the multi-purpose entertainment venue would help make sure it thrives. Equity partner incentives would fuel that vested interest, he said.

Partners would have advance notice of performances. They also could obtain first rights to seating, influence which shows come to the multi-purpose entertainment venue and get first digs on free, unsold event tickets, he said.

There also are two prime perks.

“There will be an expected return at about 1 percent and go up 1 percent a year, leveling off at about 5 percent,” he said. However, “there will be no return while it’s under construction.”

That means partners could make money on the venture. “It’s a one-time only fee,” he said of the initial $3,800 investment. “Down the road, it’s something you could sell.”

Under Finnican’s proposal, property taxes will not fall on equity partners. “The tenant of the Fort Mill theater, it’s their responsibility to pay the taxes,” Finnican said. “The equity partners would not pay taxes.”

Turning the project into reality essentially hinges on residents of the town and surrounding communities, he said.

“We need to build a really strong foundation, and the equity partnership would be that strong foundation,” Finnican said.

The plan is still a work in progress.

“By the fall we should know whether or not an equity partnership will work in Fort Mill,” he said. “We’ll make a decision by the end of October.”