The third and final presentation about the Government of the Student Body’s plans for the Varsity Theater will take place at Wednesday night’s meeting.

The meeting will be at 7 p.m. in the Gallery in the Memorial Union

The presentation will cover why the theater could potentially be a positive asset to the Campustown area and will cover results of a survey created by the Varsity Task Force.

During the first two presentations, the Task Force — comprised mainly of various members of the GSB — gave the Senate a general idea of its plans and prices for renovating and leasing the now-vacant theater at 2412 Lincoln Way.

The theater is to have two separate screening rooms. One room will have 200 seats and the other 400.

There will be two movies playing 28 weeks out of the year, and there will be a $1 admission charge for students.

The Task Force is also hoping to lease out the rooms to groups when the theater is not in use.

Another source of revenue for the theater will be allowing groups to advertise before movies begin.

If the theater maintains 33 percent capacity throughout the 28 weeks, is rented out six times over the year for special events and gains concessions and miscellaneous support, the theater is expected to generate around $127,600 per year.

The Task Force is asking for $177,100 in startup expenses and projects about $187,802 in annual expenses.

This puts the theater at -$60,202 at the end of the year, according to the Task Force’s calculations.

The theater would be treated as its own group and would go through the regular allocations process to keep itself out of debt.

The bill, which will be going through the Senate, will be securing money for the theater for the next two years. GSB would sign a lease for the property for five years, after which the Champlain Family has expressed interest in selling the theater to GSB if all were to go well, said Tom Danielson, GSB finance director.

The proposal for the creation of the Cyclone Cinema, written by the Varsity Task Force, highlights the current situation of GSB.

“The Government of the Student Body at Iowa State University devotes the majority of their annual budget to enhancing the student experience at Iowa State University … at this time, the value of these [capital projects and investment] accounts exceeds $500,000,” according to the proposal.

The proposal then notes, “Improved parking, landscaping and dining options have been discussed as possible options for the revitalization effort … but a sense of cultural ownership by the student body is an alternative solution that can produce similar results.”

There will be an open forum for students wanting to learn more about the project at 8 p.m. Thursday in the Oak Room in the MU.

The meeting also has a few groups on campus asking for funding.

The ISU Railroad Club is looking to take a train ride to California for Spring Break to visit the California State Railroad Museum.

The group is asking for $700, which would be matched by the club’s members.

The ISU Winterguard, a newer group on campus, is seeking funding to buy some startup items.

They are hoping to buy 60 6-foot flag poles and 30 swing flat poles, as well as some other items.

The group will be asking for $1,628.