October 29th, 2021 | Story by Gordon Dritschilo | Originally Posted in the Rutland Herald
The Paramount Theatre is asking the city for $450,000 to help turn the Richardson building into a conference center.
Some of the organization’s plans for the building, which sits next door to the theater, were already outlined when it was awarded $325,000 in downtown tax credits last month. A little more detail was found in the information packets for next week’s Board of Aldermen meeting.
“The venue to be created on the top floor of the Richardson Building — with its unparalleled 360-degree views of Rutland City — will become a signature downtown destination drawing an audience from far beyond Rutland County borders,” the materials read.
The presentation goes on to describe table seating for up to 150 people, commercial kitchen space and “first-class, flexible ‘suites.’” When not used for dining, the main space would have a capacity of up to 250 and be available for a variety of functions.
“The study conducted to examine the concept of a downtown hotel support our position that a venue that offers sizeable conference space with breakout rooms has been identified as a desirable addition to the downtown district,” the materials read.
Paramount Executive Director Eric Mallette, who hinted at bigger announcements to come when the tax credits were unveiled, declined to discuss the plan ahead of Monday’s meeting, saying that for now the presentation materials distributed to board members Friday spoke for themselves.
The presentation includes an estimate that the conference center would increase the Paramount’s attendance by 25% in the first five years, bringing an additional 15,000 to 20,000 visitors to downtown and a projected economic impact on the region of $500,000 a year. They also touted the Paramount’s role in fundraising for other nonprofits — events there raise $60,000 a year.
The materials say the Paramount has committed $600,000 to the project and has commitments of $1,425,000 from “community partners.” The organization is asking for $150,000 this year from the Zamias fund — created from impact fees paid to the city by the owners of Diamond Run Mall — and another $300,000 through the subsequent three years.
City leaders have repeatedly cited the theater’s economic impact on Rutland, serving as a major draw and bolstering businesses at bars and restaurants. “The Paramount is no doubt the centerpiece of downtown,” Mayor David Allaire said. “I’m all supporting their expansion and their plans.”
The city has financially backed expansions at the Paramount in the past, such as when it paid for a high-definition projection screen and satellite hook-up there, and Allaire said he thought it was appropriate for the city to chip in for the conference center.
“Whether it’s at the level they are asking remains to be seen,” he said. “I’m not sure the city is going to rise to that level.”
Allaire said he also was not sure where whatever money the city provides would come from outside the Zamias fund. He said he could not see building an allocation for the Paramount into the city budget but there was a criteria under which ARPA money could be spent to support a nonprofit that can demonstrate it has lost revenue as consequence of COVID.
“I think that would be a pretty easy argument for them to make,” he said.