Mar. 22, 2007 - Here We Go Again

The Des Plaines Theatre Preservation Society is at it again.  This time they are moving their latest fund raising event to the Pickwick Theatre in Park Ridge.  They are moving it there because the owners of the Des Plaines Theatre, Bhagwakar Properties, gave them a royal screwing back in January of '06.  According to their own timeline, in January '04 the DPTPS negotiated a Letter of Intent with Owners to trade restoration funding and labor for rent credits.  From March '05 thru December '05 the DPTPS raised money by putting on events, as well as selling non-voting memberships to the Society.  During that time they carried out restoration projects, including repairing and painting of the landmark marquee, repainting of the lobby and repairing the plaster in the auditorium.  In January '06 the owners of the theatre unilaterally dissolved the Letter of Intent Agreement.  Bhagwakar Properties, which presents East Indian films and entertainment at the theatre, got a lot of free work out of the Society and then shut the doors on them.  Now the DPTPS is announcing the "NEXT STAGE" campaign to aquire the theatre which entails yet another public fund raising campaign.  Your tax deductable contribution of a suggested $25.00, $50.00, $100.00, $250.00, $500.00 or $1,000.00 will enroll you as a member.  As a member you will be eligible to recieve discounts, newletters and e-mail updates, but it will not get you a vote.

Of course I have an opinion on all of this.  As a real estate professional my opinion is that the Des Plaines Theatre as a structure suffers from both functional and economic obsolescense.  It has nothing to do with enhancing the direction in which Downtown Des Plaines is moving.  I believe that the only reason the current owners are surviving is because they have targeted a niche market, not to mention the fact that they seem to know how to get free labor and materials when it comes to renovations.  But be that as it may, there is a basic tenent in real estate that seems to be missing here.  In order to come to a meeting of the minds there needs to be two parties, a buyer and a seller.  One of these things is missing here.  Since everything has a price, I believe that given what they want for the property, Bhagwakar Properties would probably sell.  If the property itself would appraise for what they want for it (remember that sentimental value is worth $0.00 to the lenders) then a QUALIFIED buyer should have no problem arranging for financing or setting up terms.

This thing has been going on since the Fall of 2002 and the only people who have benefited from the DPTPS efforts are the Bhagwakars.  I used to be behind the efforts of the DPTPS but I have lived and learned.  Their tag line is "Once It's Gone, It's Gone Forever" and if you don't think it should be gone then this will be a good not for profit cause, give and give generously.  Personally I've lost faith in Bhagwakar Properties. They have demonstrated that they have no interest in doing the right thing.  

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