The effort to rebuild the Triumvirate Theatre received a big push in the right direction last week, when the Rasmussen Foundation announced funding for the Alaska Children’s Institute for the Performing Arts, along with 24 other projects statewide.
In a press release Rasmussen released on July 27th, the Triumvirate Theatre is listed as one of 25 projects receiving funding from the foundation. Specifically, the release states the rebuild will receive “$700,000 in a program-related investment for a bridge loan, and working capital to help build a new theater in Kenai.”
Joe Rizzo, President of the Alaska Children’s Institute for the Performing Arts, explained the grant;
“The PRI program with the Rasmussen Foundation is not a grant as much as it is a low interest loan program. And when you’re building a large building like this, and you’re doing a big construction project, you have to have contingency funds because you don’t know how far you’re gonna go over your budget, but you probably are gonna go over your budget. And so, we have been able to borrow this money from the Rasmussen Foundation to cover contingencies, which is about 15% of the total project budget.”
In addition to this $700,000, Rasmussen also contributed $500,000 outright in 2021, then laid forth an additional $500,000 in the form of a Challenge Grant. Meaning, if Rizzo and Co. could raise $500k (which they did), Rasmussen would match it.
The proposed budget for the new theater is $3.2 million. The current funding total stands at $3.2 million.
“An avalanche.” That’s how Rizzo describes the outpouring of community support the theatre group has seen since the original theatre was destroyed by a fire in February of 2021.
Meetings for the initial construction phases begin next week