Hartford Business Journal

www.HartfordBusiness.com • October 14, 2019 • Hartford Business Journal 7 aside to already pay off the $9.2 million. With the help of anticipat- ed surpluses, that leaves only a few million more to raise," he says. Was the expansion worth it? Given the last two decades of financial struggles, it begs the question: Was the $45-million ex- pansion worth it? "Absolutely," says Fay emphatically. The expansion created a second theater and improved theater-goer amenities, including many more bathrooms. It also created addi- tional classroom and other spaces in order for the center to expand its school and community programs. The extra theater space also freed up the 2,800-seat Mortensen Hall, allowing for more Broadway touring, which has long been the prime income generator for The Bushnell. The debt was manageable for a $45-million building project, Fay says — until it wasn't. "What happened was the world fell apart," says Fay, "and the debt became an enormous burden. Up until then, we were managing it OK. The money would have been there." Fay says that when Bushnell's leaders envisioned a second theater and an arts complex in the '90s, it was a time "when the stock market was raging and everything was good and it didn't look like there were any clouds on the horizon." "I guarantee you that if our board in 1997 knew definitely that 10 years later there would be a world econom- ic meltdown, they probably would not have said, 'Let's build this new build- ing,' " Fay said. "But nobody can know those kinds of things. I think in retro- spect the board was very responsible in the way they approached building this new building and followed all of the analytics at the time." But the end result is what's im- portant, says Fay. "There's no question that this new building has reshaped this institution into a much more con- tributing and anchoring institu- tion in downtown Hartford and for the region," he said. "We're a much more outward looking organiza- tion now and there is a sense of real deep community engagement." What's in store for The Bushnell's future as it prepares for its 90th anniversary next year? While Fay says The Bushnell does not need another performance space, once the debt is paid off by 2022, "we really have to do a major campaign to build the endowment to once-and- for-all strengthen the balance sheet in a way that solidifies the institution in the long term." The Bushnell (left) underwent a major $45-million renovation at the turn of this century, which gave birth to the 900-seat Belding Theater (shown right). PHOTO | HBJ FILE PHOTO | CONTRIBUTED EASY APPLICATION. QUICK DECISION. FAST FUNDING. BusinessExpress. A fast and easy way to borrow up to $100,000. Member FDIC | Member DIF firstsuffieldbank.com 877.888.1388 Get started now at bankatpeoples.com/businessexpress. Imagine applying for a $100,000 loan in minutes. Now that's a reality. With BusinessExpress you have an incredibly fast way to borrow the capital your business needs. There's never been a faster or easier way to borrow up to $100,000 for your business.

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