The Government of the Student Body Senate may vote on a bill that would take the it one step closer to purchasing the old Varsity Theater.

“We haven’t decided if we will be voting on it yet or not,” said Tom Danielson, GSB finance director and member of the Varsity Task Force. “We have a chance to meet with the Board of Regents on Thursday morning and have one last number to finalize yet.”

Danielson said it may vote on it anyway, because the members have been looking at the proposal for more than three weeks now, and he wasn’t sure if finalizing one number would have a large effect on the decision.

If the bill is passed, the Board of Regents will vote at its March 24 meeting whether or not to sign its name to the five-year lease.

Members of the GSB have differing opinions on the proposal to buy the theater.

Brian Ryherd, a Campustown senator, said at the Varsity Theater open forum that students are generally excited about the project and would rather have a theater than the $7 they would be getting back from the account.

Ryherd also said the main goal of the theater isn’t profitability, it’s the activity it provides for the students.

Danielson said that when the project began they were expecting the theater to be in the $500,000 range. Currently the project will be under $400,000, including leasing the property and start-up expenditures.

Luke Roling, chairman of the university affairs committee, said this is exactly the kind of project needed to see if the financial aspect can be worked out.

“I have a lot of worry it will become a sinkhole,” Roling said, referring to the projected $50,000 deficit the theater will be running at.

Roling later said the deficit is what could prevent him from voting for the proposal.

The Senate will also vote on funding this year’s Gospel Extravaganza.

The extravaganza, hosted by the Connect Organization, is looking at hosting the event in Stephens Auditorium and is asking for $3,790 to do so.

Connect, according to the university Web site, is a group that is “a Christian organization designed to connect believers with the community and share Christ’s message of salvation for all.”

The Gospel Extravaganza’s estimated attendance is 20 group members and 280 non-members.

The ISU Synchronized Skating Club is wanting to ratify its debt at the meeting as well.

A financial agreement between the GSB and the club has been drawn out such that the club will receive $370 immediately. The group is to pay $185 per semester until the debt is paid off with a 4 percent interest charge.

Danielson said at last week’s meeting that the group wasn’t sure how it got into debt.