The Wayne Theatre
Project Impact
The historic Wayne Theatre was built in 1926 in downtown Waynesboro as a vaudeville house and movie theater. When a fire tore through the Theatre in 1980, the owners remodeled the auditorium and converted the building to a twin cinema. In 2000 the property was turned over to the city of Waynesboro and the Wayne Theatre Alliance (WTA) was created to oversee the renovation of the building. Connecting the Wayne Theatre to revitalization efforts in the city’s downtown, the WTA saw an opportunity to simultaneously pay homage to the building’s history and catalyze economic development in the city’s downtown with a performance center for the arts.
In 2007 the WTA launched a comprehensive fundraising campaign and brought VCDC on as a partner to use New Markets Tax Credits and federal and state Historic Rehabilitation Tax Credits to attract funding. The result was a collaboration between Wayne Theatre Alliance, US Bank, Preservation Advisors, and VCDC’s Virginia Community Development Fund. Laura Vowell, Vice President of U.S. Bank noted the importance of having “partners who understand the needs of their community or industry and who can bridge the needs of the project and the investor. VCDC was the glue that held the Wayne Theatre transaction together. They prepared the project for the complexity of tax credit financing and brought everyone together for a successful closing.”
The Wayne Theatre, a 388 seat auditorium, opened in 2016. The theatre provides cultural and educational programs, including music, dance, theatrical performances, and conferences. The project preserved a historic landmark and established a destination for the region.
The project was funded through several sources including equity from the New Market Tax Credit Investor, Historic Tax Credits, and sponsor fundraising.
Location:
Waynesboro, VA
Date of Closing:
2014
Development Partner:
The Wayne Theatre Alliance
Project Cost:
$10,992,966
Qualified Equity Investments:
$9,000,000 through NMTC
