Without a large gift to start fundraising, the downtown theater faces an uphill battle in raising enough money, a consultant found. 'No one raised their hand and said, 'I would love to give you $5 million and here's a check...'' Reeder noted the significance of initial funding for the theater's future.
A survey conducted by Los Altos Residents indicated that community members prefer private donations over city funding, highlighting public concerns about prioritizing community safety and essential services over entertainment funding.
The nonprofit must secure between one to four significant gifts totaling approximately $10 million to have a 'difficult but not impossible' chance at reaching its $25 million fundraising goal, a consultant emphasizes.
Reeder and Landis plan to ask the city for an initial $2.5 million and pledge to seek the remaining funds, stressing the necessity of securing major gifts for the project's viability.
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