The Failed Bid by the Lear Development Group
In 2018, Randi Thompson, who at the time was on the board of the Sierra School for Performing Arts, helped put together a development team called the Lear Development Group which submitted a proposal to purchase the Lear from Artown. This bid however, as she remembers, kept running into moving hurdles and new complications, month after month.
“By April [2019], we finally got to a final meeting where we felt we got everything understood,” she said. “[However] the covenants [Artown] had were very restrictive things like if the project failed, they got it back for a dollar, even if we put $14 million into it.”
Thompson acknowledges that her team had no problem with a Right to First Refusal agreement with Artown. But the fact that Artown would get it back for a dollar, regardless of how much money was put into the project, to Thompson was simply unfair. So the Lear Development Group made revisions based on that meeting and sent the new draft of a purchase and sale agreement to Artown.
“Then we got a letter back rejecting our offer and saying, ‘We will never come to an agreement,’ and [Artown] stopped negotiating with us,” Thompson recalls. “We requested follow-up meetings and it took about a month before their board members met with our board members and they really gave us no significant explanation.” Thompson says Artown didn’t understand how her team was going to utilize new market tax credits to facilitate the Lear Theater’s renovation.
“They just didn't understand how we were going to build it,” Thompson said. “They didn't understand new market tax credits, so we walked away from the table very frustrated. We had invested over $12,000 in consultants to get us to that point. So now our development team has continued to meet as a group and we're all still very interested in it, frankly.”
The Sierra School for Performing Arts (SSPA) offers theater classes, primarily for Reno’s youth. They put on youth theater productions and a musical every year. They were hoping for the Lear Theater to become a sort of home-base for SSPA, by having an office downstairs and a props and costume repository that would also be available for other theater groups in Reno.
“We wanted [the Lear] to become the community repository for props, costumes, set-making and to make it available to all of the theater groups in the community,” Thompson said. “There's enough room downstairs with about 9,000 square feet that we would have adequate storage for set-making and to open it up to all the theater groups. So it would truly be a place that's available, just like the Pioneer Theater, in that anybody can rent it.”
Although the Pioneer Theater is available for groups to rent, the smaller community theater groups simply can’t afford it. Therefore, Thompson says, the Lear Theater would fill a much-needed niche in Reno’s performing arts community. According to Thompson, much like Krater’s current plan, abandoning part of Riverside Drive was a part of their proposal for the property as well.
“Part of our plans were to essentially abandon Riverside Drive and create an entire outside plaza from Bell Street to First Street where that Riverside just makes that turn and you could literally go down and get married by the river on a beautiful plaza,” Thompson said. “That could be an outdoor concert area. You have [Bicentennial Park] right there that could be tied right with it. So you'd have this beautiful walkway with a park, with a place to go pick up a coffee and go sit by the river. It would just make a really cool centerpiece of downtown.”