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Post by Blue Star on Jul 28, 2015 20:40:59 GMT -6
Didn't somebody already remind you that it's NOT up for sale @ $300,000+ ? It's going on AUCTION!! AND .... it never got a chance to see how much business that the Dig. Equip. would have brought in, because that's the main reason peeps went out-of-town. They wanted 1st run movies! So, I guess you're thinking that you're going to collect all your pennies and be the only one at the auction and get the entire shooting match for $5,000? LOL! Go blow your hot air elsewhere, you're ASSuming waaayyy too much here! I never said I would be in on bidding. Get a life, you're losing it here. OR is dementai setting in?
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Post by oldtimer on Jul 29, 2015 13:00:23 GMT -6
So, I guess you're thinking that you're going to collect all your pennies and be the only one at the auction and get the entire shooting match for $5,000? If and when it gets to that point, it may bring that little, maybe even less. There are some properties that become a liability and no one WANTS them. Sometimes there are EPA problems and costs of remediation is so high it is more than a property is worth. Sometimes demolition is the only alternative, again more than the empty lot is worth to someone. It will only bring what someone is willing to pay for it. Sometimes buildings like the Majestic just end up in a death spiral. The building might get picked up by a startup Church with high and noble aspirations but no funds for upkeep. If they can suck a few years of use out of it, they will. Then it is on the the next use as it slips ever further into decay until authorities finally have to condemn it. The problem is sometimes the owner doesn't have the money to demolish it either so they let it go and it becomes a liability the City has to take on. From what everyone is saying about the condition of the building and how Streator can't/won't support a movie Theater, it seems if it sells, it would be for much closer to $5000 then $300,000, don't you think? The amount of an outstanding mortgage or tax assessment or what a place sold for a few years back really doesn't have much to do with what someone is willing to pay for it here and now. The movie theatre chairs are worth, probably $100 each and there are 500 of those. So that's $50,000 right there. Another movie chain owner could swoop right into the auction and buy those seats, pull the seats out and take them to another theatre.
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Post by Kyle Mitchell on Jul 29, 2015 13:25:28 GMT -6
Hasn't it already been proven? Streator people would rather stay home, go drinking, go gambling, go out of town, than to go to the movie theater here. The expense of drinks, snacks and the movie, people would rather spend elsewhere. Unless they come up with something, totally unique, it will fail yet again. This right here sums it up in a simple paragraph. It has failed how many times over the past 7 years or so? Why would anyone invest $300,000+ to open something again that didn't have enough support the last 3 or 4 times? It's sad that people don't support it, but what's done is done Yes, it has failed with the excessive and "increasing" bar violence problems, maybe it should now have a chance to exist with our laws being enforced. I am very confident that Katie will be bidding on it and that if someone else were to buy it, she would provide the digital projectors that were donated by the public to save the movie palace. I would think that the bank has set a minimum amount they will take for it that will attempt to minimize their loses without being stuck with it. I doubt it will go for as low as. $5,000.00, but we will see what happens on Aug 12th. I do hope that our City leaders can show some support for it by coming up with a solutiin to the "increasing" problems so that it (and other businesses downtown) can finally get a fair chance to be successful, don't you?
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Post by Kyle Mitchell on Jul 29, 2015 13:34:31 GMT -6
If and when it gets to that point, it may bring that little, maybe even less. There are some properties that become a liability and no one WANTS them. Sometimes there are EPA problems and costs of remediation is so high it is more than a property is worth. Sometimes demolition is the only alternative, again more than the empty lot is worth to someone. It will only bring what someone is willing to pay for it. Sometimes buildings like the Majestic just end up in a death spiral. The building might get picked up by a startup Church with high and noble aspirations but no funds for upkeep. If they can suck a few years of use out of it, they will. Then it is on the the next use as it slips ever further into decay until authorities finally have to condemn it. The problem is sometimes the owner doesn't have the money to demolish it either so they let it go and it becomes a liability the City has to take on. From what everyone is saying about the condition of the building and how Streator can't/won't support a movie Theater, it seems if it sells, it would be for much closer to $5000 then $300,000, don't you think? The amount of an outstanding mortgage or tax assessment or what a place sold for a few years back really doesn't have much to do with what someone is willing to pay for it here and now. The movie theatre chairs are worth, probably $100 each and there are 500 of those. So that's $50,000 right there. Another movie chain owner could swoop right into the auction and buy those seats, pull the seats out and take them to another theatre. Duh gee oldtimer, do you really think many theatre chains are so interested in used, sloped floor seats that they would take on the liability of owning an old empty building to get some? Please call me an idiot with no business sense some more. Coming from you, it certainly is a compliment.
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Post by greekgod on Jul 29, 2015 14:14:51 GMT -6
I do hope that our City leaders can show some support for it by coming up with a solutiin to the "increasing" problems so that it (and other businesses downtown) can finally get a fair chance to be successful, don't you? Kyle, what is very interesting is that you seem to be the only "business person", blaming the City of Streator's elected officials, the City of Streator's Ordinance, the City of Streator's Police Department, nearby successful businesses owner's for the failure in the business they invested. After reading your "Rant", I wouldn't invest a nickel in the defunct "Majestic Theater", nor would I place any bid on the building. Thanks for the "heads up". Of course that is just my honest opinion. g
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Post by oldtimer on Jul 29, 2015 14:51:18 GMT -6
That's a good point about the value of any useable furnishings in the building. You have labor and transportation costs involved with the removal of the seats and as Kyle pointed out, the sloped floor configuration may have more limited appeal. Either way, if there is any value to anything and a forced sale is eminent, I imagine the current owner may try to salvage whatever he can. That really would be tragic, if it becomes just a stripped shell of a building that once was a theater. Any renovation of the place would go from a long shot to infinity and beyond. Exactly
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Post by Kyle Mitchell on Jul 29, 2015 16:26:15 GMT -6
That's a good point about the value of any useable furnishings in the building. You have labor and transportation costs involved with the removal of the seats and as Kyle pointed out, the sloped floor configuration may have more limited appeal. Either way, if there is any value to anything and a forced sale is eminent, I imagine the current owner may try to salvage whatever he can. That really would be tragic, if it becomes just a stripped shell of a building that once was a theater. Any renovation of the place would go from a long shot to infinity and beyond. Exactly I wouldn't even expect all the furnishings to be in it. They are not part of the building. Like I said long ago, I have been confident that he would take much of them. I heard that Katie has been in the theatre and is aware of how stripped it is. I believe that she is committed to getting it open again, as she accepted the donations for. Does it really matter what she invests to try to provide the community the movie palace that she accepted the donations to save? Shouldn't our City leaders show it the support of enforcing our laws in the area so that it has the best chance to exist whether she invests $5K of $300K?
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Post by greekgod on Jul 29, 2015 17:07:38 GMT -6
I wouldn't even expect all the furnishings to be in it. They are not part of the building. Like I said long ago, I have been confident that he would take much of them. I heard that Katie has been in the theatre and is aware of how stripped it is. I believe that she is committed to getting it open again, as she accepted the donations for. Does it really matter what she invests to try to provide the community the movie palace that she accepted the donations to save? Shouldn't our City leaders show it the support of enforcing our laws in the area so that it has the best chance to exist whether she invests $5K of $300K? Kyle More "hearsay", innuendo, and whining." How many business that have failed, or are still successful join to support your complaints against our elected City Officials, the Police Department, or other businesses that are successful / I don't see any? Care to present why? Oh, wait you could not possibly fail and accept any responsibility, could you? Just asking. Oh, and my own opinion. g
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Post by Kyle Mitchell on Jul 29, 2015 20:00:58 GMT -6
I wouldn't even expect all the furnishings to be in it. They are not part of the building. Like I said long ago, I have been confident that he would take much of them. I heard that Katie has been in the theatre and is aware of how stripped it is. I believe that she is committed to getting it open again, as she accepted the donations for. Does it really matter what she invests to try to provide the community the movie palace that she accepted the donations to save? Shouldn't our City leaders show it the support of enforcing our laws in the area so that it has the best chance to exist whether she invests $5K of $300K? Kyle More "hearsay", innuendo, and whining." How many business that have failed, or are still successful join to support your complaints against our elected City Officials, the Police Department, or other businesses that are successful / I don't see any? Care to present why? Oh, wait you could not possibly fail and accept any responsibility, could you? Just asking. Oh, and my own opinion. g With the City's vindictive attitude, selective enforcement of overly restrictive ordinances, false public declarations that people are illegal, threats of fines for violations that don't exist, requirements that go against our laws, etc., perhaps many other business owners who didn't take your buddy dog's advixe to just walk away from their investments and obligations in Streator, just don't want to tickle the nose of the mighty dragon for fear of getting burnt too.
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Post by Anonymous on Jul 30, 2015 6:48:14 GMT -6
Of all the gin joints, in all the towns, in all the world, he walks into ours.
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Post by antamaleen on Jul 30, 2015 7:07:47 GMT -6
Well.... Since we all put our two cents in, what does that calculate to?
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Post by dumdave on Jul 30, 2015 10:40:57 GMT -6
He'll be back to tell us how our town sux. One trick pony.
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Post by Kyle Mitchell on Jul 30, 2015 23:12:37 GMT -6
He'll be back to tell us how our town sux. One trick pony. What makes you think that? Can you show even one quote where I said that our town sux? Maybe I implied that greek sux, but certainly not our community. I have been talking about what happens here, what our leaders do, and the problems I would like corrected. If what happens here, what our leaders do and the problems are acceptable then there shouldn't be any problem with my talking about it, should there? If it is what happens here, what our leaders do and the problems that sux then maybe it is time for our leaders to start doing things differently, don't you think? I don't have a pony, but I do have some trick pigs and hens though.
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Post by dumdave on Jul 31, 2015 10:37:12 GMT -6
I was on the Majestic mailing list. Thus I received an e-mail from Katie today. Very informative. I'll bet a lot of folks have read their's by now.
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Post by dog on Jul 31, 2015 10:38:46 GMT -6
I was on the Majestic mailing list. Thus I received an e-mail from Katie today. Very informative. I'll bet a lot of folks have read their's by now. I was never on the mailing list. Could you provide some highlights, please?
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