City: Backup Plan Being Considered for Theater in Limbo

As Glen Cove Cinemas ends its sixth week being closed, the City of Glen Cove announced it has fallback options that could ensure the site’s future as a movie theater if the current operator’s situation does not pan out.

“In the event it should become necessary, our team is ready with a list of more than 20 movie theater operators that we could contact in an effort to help the owner find a replacement operator,” said a statement from Mayor Ralph Suozzi.

The theater has been negotiating a refinancing deal with First Central Savings Bank that would provide for major upgrades to the building’s interior and a conversion to digital equipment. Neither party has returned calls from Patch regarding the status of the negotiations.

The theater’s operator closed the theater March 10. Its general manager said the intention was to reopen by the next weekend, but it has remained closed.

Should the theater’s efforts to reopen prove futile, the City said it will work to attract another theater operator to ensure the area won’t lose its only cinema.

The City acknowledged that the closure is a private contractual matter between the owner/operator and the bank, but said it has tried to lend a helping hand in the process. Kelly Morris, executive director of the City’s Industrial Development Agency (IDA), worked with the theater’s operator since Jan. 17 to assist with a plan of action, according to the City.

“This help included discussions about alternative financing options that could help the theater refinance the property and to additionally fund modernization upgrades that would make the theater one of the finest anywhere and a great entertainment venue for both Glen Cove and our surrounding North Shore communities,” said a statement from the City.

Morris met with the operator and the National Development Council, a non-profit community development agency, for an “in-depth” financial consultation where financing options and grant opportunities were looked at.

The City described the effort as part of a year-long project involving a consulting team that seeks to attract and recruit prospective businesses and retail establishments in an effort to support the City of Glen Cove as, among other things, "an ‘entertainment destination,’” the City said.

“The City of Glen Cove stands committed to supporting our local cinema by any means within its power,” Suozzi said. “The theater is an integral part of our downtown and an asset to our children, our downtown businesses and the entire community. We are doing what is within our means to derive a favorable outcome.”