A task force from the Government of the Student Body will introduce a bill to the senate on Wednesday, calling for GSB to renovate and lease the former Varsity Theater, 2412 Lincoln Way, and create a student-run venue.

According to a draft of the proposal created by the Varsity Research Task Force, “Cyclone Cinema” would offer movies twice nightly, on Thursday through Sunday, as well as monthly midnight showings. The space would also be made available for university and community groups to rent.

However, the cinema would first need to be renovated. Cinemark removed all of the seats, screens and equipment from the building’s two movie theaters when it vacated the space in January 2009.

The cost to renovate both of the theaters on the property is estimated to be approximately $160,000.

Annual expenses and revenues are also being projected and will be presented on Wednesday. GSB will host presentations and discussion on the project during its meetings on Jan. 20 and 27, and a final vote on the proposal will be cast Feb. 2.

If the bill is passed, initial funding for the project would come from the GSB’s capital projects account. Unspent funds from student organizations’ annual GSB allocations accumulate to this account at the end of each year, according to Tom Danielson, senior in civil engineering and GSB finance director.

Danielson said the account has accumulated about $100,000 per year during his tenure, and currently has a balance of approximately $550,000.

“Over the years, that’s just built up so high,” Danielson said.

The proposal, as currently written, would fully fund the project for the first year and partially fund it the second. In subsequent years, the theater would be required to go through GSB’s regular allocations process.

“The idea is that we move to more predictable costs each year and work toward a self-sustaining theater,” said Ian Ringgenberg, graduate student in educational leadership and policy studies and member of the GSB Varsity Research Task Force.

Ringgenberg said, if the bill is passed, he hopes to see the theater open and operating for the beginning of the fall semester in August.