Nonprofit group, Ioka owner at odds over Exeter theater’s future
“While we appreciate his reduction of the asking price to $400,000, our position remains true to the understanding we and the Exeter community had when we went into this partnership with the Lewis family — the IOKA Theater would be provided to the Exeter Theater Company at no cost,” Tony Callendrello, chairman of the theater company’s board of directors, said in a statement posted on the group’s website.
The theater company originally said it was looking to lease the theater from Lewis for $1 a year for 99 years.
The group insists that the building is worth far less because of its condition and the amount that it would cost to restore the theater.
The group said it would put $100,000 in a maintenance reserve account to be used solely for the stabilization and repair of the theater and for the funding of ongoing expenses.
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