The Isaac Theatre Royal has fully settled for the reinstatement of the earthquake damage with its insurers Vero. Importantly, a 36-month Business Interruption insurance policy has enabled us to effectively continue our efforts to rebuild and reopen the Theatre to provide a much desired and essential venue for the performing arts in Christchurch. To the end of June 2014, with insurance settlement and privately fundraising and grants, the ITR’s current total financial capability for the project totals approximately NZ$36.5M.
The current estimated reinstatement cost of NZ$40.0M including NZ$1.0M contingency has resulted in the Theatre Royal Charitable Foundation embarking on a further challenging fund raising programme of NZ$3.5M throughout the third and fourth quarters of 2014 to meet this shortfall. The ITR has a commercial loan capability of NZ$2M which as been secured to partially underwrite the rebuild project shortfall and allow the work to continue to proceed to completion. Ideally, the ITR would prefer not to have to service significant commercial loans over the next 10-12 years so the target is to continue fundraising to meet the total NZ$40M cost and minimise the loan exposure.
THE THEATRE ROYAL CHARITABLE FOUNDATION ARE CURRENTLY IN THE PROCESS OF RAISING THE ADDITIONAL $3.5 MILLION REQUIRED TO FULLY COMPLETE THE REBUILD PROGRAMME TO REOPEN IN NOVEMBER 2014. YOUR SUPPORT TO HELP US ACHIEVE THIS GOAL IS WELCOMED.