Less than one year after the Triumvirate Theatre building was destroyed in a fire, the group was awarded a $1 million grant to support its rebuilding efforts.
The grant was awarded by the Rasmuson Foundation, which aims to promote a better life for Alaskans through funding projects, according to its website.
Joe Rizzo, the executive director of Triumvirate, said he hopes the Rasmuson Foundation grant will help the nonprofit begin new construction in summer 2022.
“We could not be happier,” he said Tuesday, noting the group was “very, very fortunate” to get the grant.
The $1 million award will be split into two grants: one for $500,000 and a matching gift of another $500,000. That means if the Triumvirate is able to raise $500,000 on its own, Rasmuson will match it and the theater would have $1.5 million to use for the project.
“If we can get the Rasmuson grant matched … we can make this building happen,” Rizzo said Tuesday.
The building, which will find its new home on a plot of land near Daubenspeck Park by the Kenai Walmart, will cost approximately $4.7 million, he said.
Triumvirate’s former building, located along the Kenai Spur Highway in Nikiski, burned down Feb. 20.
To apply for the grant, Rizzo said the organization had to report specific financial projections.
“It’s down to the … bracket that holds the stairwell in the lobby,” he said.
The $4.7 million also includes contingency projections in the event that the cost of materials changes or unexpected finances surface.
While he’s excited about the award, Rizzo said for now the theater is going to continue its fundraising efforts to meet the criteria for the matching grant.
Those who wish to donate to the rebuilding efforts can do so at triumviratetheatre.org.
Triumvirate Theatre is seen on Monday, Feb. 22, 2021 in Nikiski, Alaska. The building burned in a fire on Feb. 20. (Ashlyn O’Hara/Peninsula Clarion)
