Strand Launches Final Phase of Capital Campaign $2.2 Million to Debt-Free

Marietta, GA (August 11, 2009) —The Friends of The Strand launched the last phase of its capital campaign today, with a goal to raise $2.2 million in cash and pledges by August of 2011.

Two million of The Strand's $5.7 million project (a combination of construction and start-up operations) was financed with a short-term loan.

“The Earl Smith Strand Theatre is one of Marietta's preeminent cultural landmarks and is the cornerstone for a healthy and vibrant Marietta Square. It will play an essential role in shaping the future of performing arts in our community and provides a unique venue to celebrate special occasions,” said Scott Gregory, capital campaign chair. “I am excited by this opportunity to build upon such a strong historical platform. We are calling on everyone to get involved and to join us in supporting The Strand.”

The new pledges will be raised through a combination of corporate and individual giving and a grassroots campaign involving brick pavers and theatre seats. The seats alone helped raise $400,000 in cash before and during the construction phase. Less than 100 seats remain to be dedicated for $1,000 each and brick pavers under the bright lights of The Strand's marquee are available to commemorate for $250 for a 4x8 or $1,500 for an 8x8 (only 128 8x8 bricks out of 900+ bricks).

On the heels of the grand opening in January of 2009, The Friends of The Strand reorganized the board of directors and added an advisory board to help carry the organization into the future. Scott Gregory of Brock, Clay, Calhoun & Rogers was invited to serve as the organization's vice chair and to head up the capital campaign efforts.

“Scott Gregory has the presence and leadership to move The Strand through its final phase of the capital campaign,” said Earl Smith, chair of the organization. “He represents a new generation of leadership in Marietta and Cobb County.”

The capital campaign committee is comprised of Chairman Scott Gregory, Micky Blackwell, Otis Brumby, Roger DeBoy, Mayor Bill Dunaway, Kim Gresh, David Hankerson, Carol Ann King, Sam Kelly, Earl Reece, Christy Rosell, Earl Smith, GA Sen. Doug Stoner (D), Gene Weeks, and Public Service Commissioner Stan Wise.

The Friends of The Strand also revised its mission statement for the future of the organization. The mission of The Earl Smith Strand Theatre is to:

Partner and Serve — by providing cultural entertainment, programs, and meeting space that is accessible to a diverse audience, benefits the community, and promotes economic development
Entertain and Educate — by offering a unique venue that provides high quality and a variety of performing arts, films, education programs and special events
Preserve and Promote — by remaining financially sound with ticket sales,  space rental, and support from private and business donors

In the end, the community's value to be enjoyed at The Strand including start-up operations, construction costs, and in-kind donations is estimated at $5.7 million.

As of July, the capital campaign committee had raised a total of $3.8 million in cash and pledges as well as $600,000 in in-kind donations. However, due to the weakened economy, $300,000 in pledges have “defaulted.” The raised dollars partially funded the $4.3 million renovation and $800,000 of pre-operations, start-up operations, and capital campaign expenses. The short-term $2 million loan covered the remainder of the construction bill as the Friends continue to raise the funds and pay off the loan.

The Earl Smith Strand Theatre opened to much acclaim in January of 2009 and has either hosted or booked 293 events for the year. The number is expected to grow as event bookings continue for private receptions in the two special events spaces at The Strand for the remainder of the year.

For the first six months the doors have been open, The Strand has been “in the black.” That is, the revenues from operations have covered expenses every month. Events at the theatre have ranged from live musicals by the Atlanta Lyric Theatre to popular films such as the classic Casablanca and recent hits Mama Mia! with theatre organ pre-shows. In February, the theatre had to add extra seats to the back of the auditorium for a sell-out cooking show by local celebrity Chef Johnnie Gabriel. The stage has hosted nationally acclaimed recording artists such as Pam Tillis and Billy Joe Royal as well as local and regional music groups. A popular gathering place for the community during the warm summer months has been The Strand's roof top terrace overlooking the Marietta Square. Recently, The Strand was named as a Top Ten Attraction to Visit in Georgia by the Georgia Office of Tourism.

“The Earl Smith Strand Theatre, with its 531 plush seats, orchestra pit and spacious lobby and event rooms, has given The Lyric a new lease on life,” said Brandt Blocker, director of the Atlanta Lyric Theatre, the resident musical theatre company of The Strand. “We have tripled our subscription base and heightened the visibility of our 30-year-old company since being welcomed into the Cobb community, and we are forever grateful.”

Major donors to The Strand have included John A. Williams, Wachovia Foundation, AT&T Georgia, U.S. Sen. Johnny Isakson, The Woodruff Foundation, Atlanta Gas Light, Moore, Ingram, Johnson & Steel, Stephen Imler, SunTrust, Steve “Thunder” Tumlin, and Georgia Power among many others. A more complete list of donors can be found on the website.

“My initial support of this project was based on nostalgic reasons. My expectations have been far exceeded. Between the Billy Joe Royal concert on New Year's Eve and a morning showing of Curious George last week, The Strand has been an attraction for all and it has been delightful,” said major donor and Marietta mayoral hopeful, Steve Tumlin. “After Curious George, I noticed families stayed on the square. The Strand has become a great cultural center for the city.”

The Earl Smith Strand Theatre is governed and operated by the nonprofit organization, Friends of The Strand, Inc. More information about upcoming events and fundraising, including the brick and seat campaigns, can be found at www.EarlSmithStrand.org or 770-293-0080.

FACT SHEET

CAMPAIGN LAUNCH DATE: August 11, 2009

GOAL: Raise $2.2 million in pledges by August 2011 to pay off Strand's short-term $2 million loan

FUNDRAISING BREAKDOWN:

• $1.8 million will come from corporate/individual donors and foundations
• $400,000 will come from grassroots donations including bricks and seats
• Raised-to-date: $400,000 (outstanding pledges)

PRIOR FUNDRAISING

• The organization raised $3.8 million through major pledges, grants, grassroots donations, and fundraising events
• Due to the economic situation, roughly $300,000 in pledges have "defaulted"
• A value of $600,000+ has been donated to The Strand in in-kind donations including, but not limited to: $80,000+ in tile and stone by Williams Tile & Marble Co. and G & L Marble, $40,000 plaster project in lobby by Tuscan Impressions; $25,000 in lighting & sound design by Entertainment Design Group, a $13,000 auditorium seat installation by John Everage, and a phone system valued at $5,000 by Elite Telecom

OPERATIONS

• The Strand has become the heart of the Marietta arts and social scene in its first seven months of operations
• The Strand is a financially stable operation
• Strand operations revenues are paying Strand expenses

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