Previously, the NBEDC awarded the theater $250,000 and $175,000 in grant funding in 2011 and 2012, respectively, to complete renovations and replace equipment.
For 80 years, the Brauntex Theatre has been a landmark in downtown New Braunfels, where it has played host to movie showings and live performances.
Originally built in 1942, the theater was purchased in 1999 by the Brauntex Performing Arts Theatre Association. The theater is located at 290 W. San Antonio St., New Braunfels.
In 2015, the nonprofit began a long-term capital improvements project called the Plan Forward Campaign aimed at upgrading and renovating the facility.
The campaign consists of six phases, and the first three phases are complete, said Delia Milam, capital campaign coordinator for the theater.
The current phase, Phase 4, is focused on retrofitting infrastructure and upgrading technology in the theater and installing an upgraded public address system, an intelligent lighting system, a 20-foot LED video wall and a new audio system.
In total, the nonprofit theater association will need to raise $3 million for this phase alone through local support and funding from area foundations, Milam said.
According to city documents, the association has already raised more than $1.5 million.
The agreement approved by council will provide the theater with a working capital balance of up to $350,000, and assumes a 15- to 18-year payback period with an estimated 5% annual rate of return.
Members of the NBEDC voted to provide the theater with the capital balance to use for security deposits for the necessary equipment, said Jeff Jewell, director of economic and community development for the city.
“The remaining funds will be distributed as reimbursements where we see reimbursement requests were received,” Jewell said. “Some of those proceeds from the EDC grant can be used to retire some other long-term debt.”
The projects included in Phase 4 are expected to be completed in 2023, Jewell said, and the upgrades will allow the theater to expand its show offerings.
