Oct. 21, 2009
Robberies at Pullman Theatre Prompt Request for Increased Security
Statement Coming from Marquee Cinemas President
By Tony Rutherford
Huntingtonnews.net Reporter
Huntington, WV (HNN) – The robbery of Marquee Cinemas Pullman Square theatre Monday night, October 19 , has prompted a statement from The Transit Authority to request more security from their private partner, Metropolitan Properties, and a greater presence from the Huntington Police Department.
The theatre has been robbed July 13, 2009 and November 29, 2008. No arrests have been made. Surveillance footage from the July 13, 2009 incident had previously been made available. http://www.wsaz.com/huntington/headlines/50593007.html
Curtis McCall, president of Marquee Cinemas, has told HNN that the company will release a statement sometime Wednesday. October 21.
During an interview by telephone, Paul Davis, general manager of TTA, explained that although the public entity owns the parking garages and “theatre shell,” Metropolitan has responsibility for the day-to-day operations.
TTA has been allowing the Huntington Police Department to use the transit authority’s office on the first floor of Pullman as a type of “satellite” office for the department. At the same time, the theatre has employed an off-duty Huntington police officer who is stationed in the lobby during weekends and prime movie going periods.
Davis said that he has a meeting Wednesday, October 21, with developer Bill Dargusch concerning progress toward refinancing the company’s indebtedness. Currently, Metropolitan has been losing about $100,000 a year at Pullman with an interest rate of about seven point five percent on their indebtedness. The company has been trying to re-structure the debt at a lower interest rate which would alleviate the deficit, Davis said.
During 2009, TTA agreed to accept a lease payment lower than the normal amount to give Metropolitan time to find new funding. Metropolitan Partners monthly lease payment to TTA is $37,500. It was reduced to $18,750. Despite the ongoing restructuring need, Davis anticipates that Metropolitan will resume paying the full amount and the deferred rent beginning in January 2010.
Based on a September 2009 article, Metropolitan is also responsible for normal wear and tear repairs needed to the Pullman garages, which would run $50,000 to $100,000. Dargusch previously said that money has already been budgeted.
However, the tenants themselves have been profitable, according to a May article in the Herald Dispatch. TTA owns the two parking garages, movie theatre, sidewalks and public commons areas. They leased those portions to Metropolitan so the project would fall under one management company.
At one time, brainstorming discussions were held that would have TTA take over management of the public portion of Pullman Square, but that idea has been taken off the table, Davis said.
Pullman Square was built with a unique combination of federal, state and private monies totaling about $60 million. The Federal Transit Administration grant ($27 million) paid for the garages and theatre shell. Davis said the state economic development grant ($10.4 million) paid for the plaza and some interior portions of the theatre (such as the seats, but not projection equipment or screens), Metropolitan Partners invested $22.5 million, and the Empowerment Zone paid for the fountain.
Contacted by phone, Bill Dargusch, the Metropolitan Partners private developer, told HNN, “I don’t know a thing [yet concerning the robbery],” adding, “when it is something this serious they have a tendency to not let anyone know. We are waiting on the reports.”
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Robberies at Pullman Theatre Prompt Request for Increased Security
Statement Coming from Marquee Cinemas President
By Tony Rutherford
Huntingtonnews.net Reporter
Huntington, WV (HNN) – The robbery of Marquee Cinemas Pullman Square theatre Monday night, October 19 , has prompted a statement from The Transit Authority to request more security from their private partner, Metropolitan Properties, and a greater presence from the Huntington Police Department.
The theatre has been robbed July 13, 2009 and November 29, 2008. No arrests have been made. Surveillance footage from the July 13, 2009 incident had previously been made available. http://www.wsaz.com/huntington/headlines/50593007.html
Curtis McCall, president of Marquee Cinemas, has told HNN that the company will release a statement sometime Wednesday. October 21.
During an interview by telephone, Paul Davis, general manager of TTA, explained that although the public entity owns the parking garages and “theatre shell,” Metropolitan has responsibility for the day-to-day operations.
TTA has been allowing the Huntington Police Department to use the transit authority’s office on the first floor of Pullman as a type of “satellite” office for the department. At the same time, the theatre has employed an off-duty Huntington police officer who is stationed in the lobby during weekends and prime movie going periods.
Davis said that he has a meeting Wednesday, October 21, with developer Bill Dargusch concerning progress toward refinancing the company’s indebtedness. Currently, Metropolitan has been losing about $100,000 a year at Pullman with an interest rate of about seven point five percent on their indebtedness. The company has been trying to re-structure the debt at a lower interest rate which would alleviate the deficit, Davis said.
During 2009, TTA agreed to accept a lease payment lower than the normal amount to give Metropolitan time to find new funding. Metropolitan Partners monthly lease payment to TTA is $37,500. It was reduced to $18,750. Despite the ongoing restructuring need, Davis anticipates that Metropolitan will resume paying the full amount and the deferred rent beginning in January 2010.
Based on a September 2009 article, Metropolitan is also responsible for normal wear and tear repairs needed to the Pullman garages, which would run $50,000 to $100,000. Dargusch previously said that money has already been budgeted.
However, the tenants themselves have been profitable, according to a May article in the Herald Dispatch. TTA owns the two parking garages, movie theatre, sidewalks and public commons areas. They leased those portions to Metropolitan so the project would fall under one management company.
At one time, brainstorming discussions were held that would have TTA take over management of the public portion of Pullman Square, but that idea has been taken off the table, Davis said.
Pullman Square was built with a unique combination of federal, state and private monies totaling about $60 million. The Federal Transit Administration grant ($27 million) paid for the garages and theatre shell. Davis said the state economic development grant ($10.4 million) paid for the plaza and some interior portions of the theatre (such as the seats, but not projection equipment or screens), Metropolitan Partners invested $22.5 million, and the Empowerment Zone paid for the fountain.
Contacted by phone, Bill Dargusch, the Metropolitan Partners private developer, told HNN, “I don’t know a thing [yet concerning the robbery],” adding, “when it is something this serious they have a tendency to not let anyone know. We are waiting on the reports.”
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