Utah Shakespearean Festival receives $5 million in bonds during legislative session
Dana Bell
Issue date: 3/6/08 Section: News
The Utah Shakespearean Festival received $5 million in revenue bonds at the 2008 Utah Legislative session, which ended Wednesday.
SUU President Michael T. Benson said Utah Capital Facilities authorized the bond.
Benson said the next step is to approach the SUU Board of Trustees for final approval of the bond.
Utah Shakespearean Festival director R. Scott Phillips said the festival will present to the trustees how the bonds will be repaid.
"The trustees have to feel confident that (we would do) whatever we say we would do to repay the money," he said. "Now we have to decide how we want to do that and what mechanism we will set up to do that."
A possibility to help with repayment would be to add a handling fee on the festival tickets, Phillips said.
The festival will pay about $350,000 each year for the next 15 to 20 years to pay back the bond, he said.
Although the festival requested $5 million from both capitals facilities and Utah State Economic Development, Phillips said the funds had to go elsewhere.
"Clearly the state had other needs that were just too great," he said. "There wasn't enough money to go around."
Benson said the festival received $36,000 from economic development.
Phillips said that fund is a one-time appropriation for general operation support.
"We will put it toward our existing programs to help them stretch further," he said.
Though the $5 million fund will help start the construction for the new theatre, Phillips said the festival will return to the legislature for the additional $5 million next session.
Brad Ballard, Utah Shakespearean Festival Director of Development, said at next year's session, the festival administrators hope the legislature will recognize the support the festival receives and want to support that as well.
"We will hope they will want to be part of a winning team," he said.
SUU President Michael T. Benson said Utah Capital Facilities authorized the bond.
Benson said the next step is to approach the SUU Board of Trustees for final approval of the bond.
Utah Shakespearean Festival director R. Scott Phillips said the festival will present to the trustees how the bonds will be repaid.
"The trustees have to feel confident that (we would do) whatever we say we would do to repay the money," he said. "Now we have to decide how we want to do that and what mechanism we will set up to do that."
A possibility to help with repayment would be to add a handling fee on the festival tickets, Phillips said.
The festival will pay about $350,000 each year for the next 15 to 20 years to pay back the bond, he said.
Although the festival requested $5 million from both capitals facilities and Utah State Economic Development, Phillips said the funds had to go elsewhere.
"Clearly the state had other needs that were just too great," he said. "There wasn't enough money to go around."
Benson said the festival received $36,000 from economic development.
Phillips said that fund is a one-time appropriation for general operation support.
"We will put it toward our existing programs to help them stretch further," he said.
Though the $5 million fund will help start the construction for the new theatre, Phillips said the festival will return to the legislature for the additional $5 million next session.
Brad Ballard, Utah Shakespearean Festival Director of Development, said at next year's session, the festival administrators hope the legislature will recognize the support the festival receives and want to support that as well.
"We will hope they will want to be part of a winning team," he said.
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