The members Varsity Task Force presented their plans for the future of the Varsity Theater at last night‘s meeting.

The task force has been working on plans for potentially reopening the theater as the Cyclone Cinema. The projected first year sum for renovating, running and leasing the old theater is $177,100.

Members of the GSB, Anthony Maly, Tom Danielson and Brian Ryherd gave the presentation which broke down the fiscal responsibilities for the next five years if the GSB were to lease the Varsity Theater.

The start-up costs includes sound systems, projectors, screens, seating, concession equipment and $15,000 for other expenses, which is mostly reserved for contingency funds.

Projected annual funds for the Cinema add up to $187,802.

The projected annual funds were broken down into four parts which were programming, staffing expenses, operating expenses and concession expenses.

Total potential revenues were at $127,600.

The revenue that was added into the total came from seats sold to students if the theater was to run at 33 percent capacity: the assumption that the theater would be rented out six times for special events throughout the year, one-forth of the 33 percent buying concessions, miscellaneous support and student groups advertising before shows.

This would put the future Cinema at a $60,202 deficit.

The theater would be treated as a student organization and would go through regular allocations.

The idea that was presented by the task force is that the theater would ask for the $60,000 during regular allocations to make up for the years potential deficit.

Danielson said that the group was still factoring in property taxes, which the task force does not yet know what they will have to pay, which could drop the deficit down to around $35,000.

As for the future of the theater, Danielson said that the GSB could shut down the program and pay minimal utilities costs, but they would be signing a five year lease agreement.

If the varsity bills pass, the GSB will be obligated for the upkeep of the theater until 2013.

After the program several new GSB members were seated.

Arjay Vander Velden, Bevin Waters and Lisa Nelson are three new Inter-Residence Hall Association members.

Kelsey Gent was voted in as a new Human Sciences Senator, and Tyler Albaugh is a new Liberal Arts and Sciences Senator.

Kristin Beecher and Mallori Phillips replaced two members of the Executive counsel.

Derek Haskin was removed as an At-Large member of the University Affairs Committee as he will be going overseas with the United States Army.