|
Post by father of two on Aug 12, 2015 19:48:05 GMT -6
I see there were no other bidders. Did the bid start out and end at that price?
|
|
|
Post by capncrunch on Aug 12, 2015 19:55:03 GMT -6
Posted: Wednesday, August 12, 2015 12:04 pm | Updated: 12:09 pm, Wed Aug 12, 2015. Steve Stout, steves@mywebtimes.com, 815-431-4082 | 0 comments The Indiana bank which holds liens against the Majestic Theatre in Streator placed the only bid offered for the shuttered building Wednesday morning during a brief sheriff's auction.
Springfield attorney Mariann Pogge placed a bid of $85,000 on behalf of First Farmers Bank and Trust, of Kokomo, Ind. She nor the bank's Special Assets Officer Hoyt Alexander who was present had any comment following the auction.
Also present was Steve Jonland, Streator economic development director, who said, "I'm looking forward to the day when we can all return to the Majestic to watch movies."
|
|
|
Post by greekgod on Aug 12, 2015 20:05:38 GMT -6
Posted: Wednesday, August 12, 2015 12:04 pm | Updated: 12:09 pm, Wed Aug 12, 2015. Steve Stout, steves@mywebtimes.com, 815-431-4082 | 0 comments The Indiana bank which holds liens against the Majestic Theatre in Streator placed the only bid offered for the shuttered building Wednesday morning during a brief sheriff's auction. Springfield attorney Mariann Pogge placed a bid of $85,000 on behalf of First Farmers Bank and Trust, of Kokomo, Ind. She nor the bank's Special Assets Officer Hoyt Alexander who was present had any comment following the auction. Also present was Steve Jonland, Streator economic development director, who said, "I'm looking forward to the day when we can all return to the Majestic to watch movies." Thanks. It's great to learn the facts. g
|
|
Deleted
Deleted Member
Posts: 0
|
Post by Deleted on Aug 13, 2015 4:19:26 GMT -6
Posted: Wednesday, August 12, 2015 12:04 pm | Updated: 12:09 pm, Wed Aug 12, 2015. Steve Stout, steves@mywebtimes.com, 815-431-4082 | 0 comments The Indiana bank which holds liens against the Majestic Theatre in Streator placed the only bid offered for the shuttered building Wednesday morning during a brief sheriff's auction. Springfield attorney Mariann Pogge placed a bid of $85,000 on behalf of First Farmers Bank and Trust, of Kokomo, Ind. She nor the bank's Special Assets Officer Hoyt Alexander who was present had any comment following the auction. Also present was Steve Jonland, Streator economic development director, who said, "I'm looking forward to the day when we can all return to the Majestic to watch movies." Steve must have started "Happy Hour" about 10 A.M.
|
|
|
Post by father of two on Aug 13, 2015 6:50:39 GMT -6
So it seems that the bank and Katie were the only 2 there looking to bid. Jonland is quoted saying the city looks forward to working with the owners to get the theater up and running to bring it to new standards.
|
|
|
Post by dog on Aug 13, 2015 7:25:53 GMT -6
So it seems that the bank and Katie were the only 2 there looking to bid. Jonland is quoted saying the city looks forward to working with the owners to get the theater up and running to bring it to new standards. I think Kyle nailed it earlier. I don't think anyone expected it to be sold at auction. But it had to go thru the auction process to proceed. So now the bank will try to sell it.
|
|
|
Post by vikesfan on Aug 13, 2015 15:21:37 GMT -6
I wonder if there was a minimum allowed bid and if $85000 was it? Or if possible the bank could have gotten it for considerably less?
|
|
|
Post by OutlawwithaSnipeSniper on Aug 13, 2015 15:34:48 GMT -6
I wonder if there was a minimum allowed bid and if $85000 was it? Or if possible the bank could have gotten it for considerably less? The bank could have bid it at a buck. The problem is the bank has to utilize it as an asset for their balance sheet, so they try and keep it at least at a reasonable appraised valuation. Otherwise you start to see bank failures..........
|
|
|
Post by Kyle Mitchell on Aug 14, 2015 11:10:56 GMT -6
So it seems that the bank and Katie were the only 2 there looking to bid. Jonland is quoted saying the city looks forward to working with the owners to get the theater up and running to bring it to new standards. I think Kyle nailed it earlier. I don't think anyone expected it to be sold at auction. But it had to go thru the auction process to proceed. So now the bank will try to sell it. Obviously there were quite a few who did expect it to sell at the auction. I don't think Katie was there to bid at all; I think she was there just praying that it didn't sell to anyone else. I'm thinking that a deal will be made soon on it. It'll be interesting to see what does happen there.
|
|
|
Post by otto on Aug 14, 2015 17:15:58 GMT -6
Hey....I'm always game for taking in the first run movies locally. And while I cannot claim to know Katie personally, every time I went to a movie at the Majestic theater, she was always there, very friendly and always made you feel very appreciated and welcome for your attendance / business.
While being a realist, I'd like nothing more than to see Katie pull this off and it be a successful venture for her.
|
|
|
Post by dumdave on Aug 15, 2015 9:37:21 GMT -6
I hope everyone involved can move forward and hopefully we will have the Majestic back up and running first run films again.
|
|
|
Post by seaturtle43 in hostile forum on Aug 16, 2015 20:53:29 GMT -6
|
|
|
Post by capncrunch on Oct 14, 2015 12:51:57 GMT -6
Steve Stout -- steves@mywebtimes.com -- 815-431-4082 | 3 comments
Here and Again — a local nonprofit organization — has applied for a $500,000 grant to create a community radio station and acquire and restore the Majestic Theatre in Streator. Former Majestic manager and Here and Again Board President Katie Troccoli said her organization is in tight competition with more than 1,000 other groups seeking the grant from the Knight Foundation.
Troccoli is asking for public support to provide positive comments to influence the foundation. She said the grant application is being written by fellow Here and Again board member Greg Haynes.
"Of course, our chances of winning this grant are zero if you don't apply," explained Troccoli. "I truly believe we have a good shot at receiving this grant. The Knight Foundation is known for supporting the arts and helping local communities."
She added, "And if we don't win this grant, we apply for others."
In December, the organization received a license for a low power community radio station from the Federal Communication Commission.
Organizers have said the new station — at first — will be a 100-watt FM broadcast station at frequency (MHz) 94.5 FM Channel. The physical studio location will be at 827 Columbus St., Ottawa.
The station's actual call letters have yet to be decided upon and reception should go out to a radius of 7 to 10 miles once operational. Organizers hope to have the channel up and running by spring or summer 2015.
Haynes has previously said the station will play music, both live and recorded, and provide an outlet for dozens of hours of local programming per month.
The classic Majestic movie house was closed and boarded up in August 2014, and the business closed. Built in 1907, the theater was bought by Tim Burke in 1997, and it had been open since 2007.
First Farmers Bank & Trust, the Kokomo, Ind., bank that holds liens against the theater, placed the only bid offered for the shuttered building during a swift sheriff's auction at the La Salle County Governmental Complex on Etna Road in Ottawa on Aug 12.
At that time, when prompted for an opening bid, Springfield attorney Mariann Pogge placed a bid of $85,000 on behalf of the financial institution. She nor the bank's Special Assets Officer Hoyt Alexander, who was present at the auction, had any comment following the purchase.
A spokesman for the bank did not return phone calls about the status of the building Tuesday from The Times.
For more information or to leave a comment for the foundation, go online to newschallenge.org/challenge/data/evaluation/radio-station-and-media-project.
Troccoli said she hopes local residents interested in saving the Majestic and the creation of a new local radio station will go to the site, comment and spread the word over social media.
"The more support the better our chances," said Troccoli. "Our efforts will create jobs and enrich people's lives not only in Streator but within the entire Illinois Valley."
5
|
|
|
Post by oldtimer on Oct 14, 2015 14:38:55 GMT -6
Steve Stout -- steves@mywebtimes.com -- 815-431-4082 | 3 comments Here and Again — a local nonprofit organization — has applied for a $500,000 grant to create a community radio station and acquire and restore the Majestic Theatre in Streator. Former Majestic manager and Here and Again Board President Katie Troccoli said her organization is in tight competition with more than 1,000 other groups seeking the grant from the Knight Foundation. Troccoli is asking for public support to provide positive comments to influence the foundation. She said the grant application is being written by fellow Here and Again board member Greg Haynes. "Of course, our chances of winning this grant are zero if you don't apply," explained Troccoli. "I truly believe we have a good shot at receiving this grant. The Knight Foundation is known for supporting the arts and helping local communities." She added, "And if we don't win this grant, we apply for others." In December, the organization received a license for a low power community radio station from the Federal Communication Commission. Organizers have said the new station — at first — will be a 100-watt FM broadcast station at frequency (MHz) 94.5 FM Channel. The physical studio location will be at 827 Columbus St., Ottawa. The station's actual call letters have yet to be decided upon and reception should go out to a radius of 7 to 10 miles once operational. Organizers hope to have the channel up and running by spring or summer 2015. Haynes has previously said the station will play music, both live and recorded, and provide an outlet for dozens of hours of local programming per month. The classic Majestic movie house was closed and boarded up in August 2014, and the business closed. Built in 1907, the theater was bought by Tim Burke in 1997, and it had been open since 2007. First Farmers Bank & Trust, the Kokomo, Ind., bank that holds liens against the theater, placed the only bid offered for the shuttered building during a swift sheriff's auction at the La Salle County Governmental Complex on Etna Road in Ottawa on Aug 12. At that time, when prompted for an opening bid, Springfield attorney Mariann Pogge placed a bid of $85,000 on behalf of the financial institution. She nor the bank's Special Assets Officer Hoyt Alexander, who was present at the auction, had any comment following the purchase. A spokesman for the bank did not return phone calls about the status of the building Tuesday from The Times. For more information or to leave a comment for the foundation, go online to newschallenge.org/challenge/data/evaluation/radio-station-and-media-project. Troccoli said she hopes local residents interested in saving the Majestic and the creation of a new local radio station will go to the site, comment and spread the word over social media. "The more support the better our chances," said Troccoli. "Our efforts will create jobs and enrich people's lives not only in Streator but within the entire Illinois Valley." 5 What does starting a radio station have to do with the future of the movie theatre? Very strange.
|
|
|
Post by OutlawwithaSnipeSniper on Oct 14, 2015 14:55:30 GMT -6
Not all that strange, if you can get the building and get it back in shape, you can run the radio station out of the theater, and instead of being a for profit, then you can use it for reduced price showings, perhaps get some local film makers stuff shown, it has some pretty interesting possibilities.
The digital projection age makes for some real possibilities that weren't there before.
|
|