City Loans Theater Foundation $100,000

CAPE MAY — Cape May City Council presented the Beach Theatre Foundation with a check for $100,000 at a special meeting Sept. 7.
The $100,000 loan will allow the foundation operate the theater for the next 12 months and find a developer to purchase and renovate the building which could cost between $12 million and $18 million.
The theater’s owners, Frank Investments offered a lease to the non-profit group but holds a demolition permit for the building if their plans do not succeed, Frank Investments had plans to build condominiums on the site.
The foundation expects to open the theater for Halloween for a fund raising bash. The four theaters in the building will feature independent, foreign and classic films plus animation movies.