The Government of the Student Body heard a proposal Wednesday calling for the university to purchase the Varsity Theater, 2412 Lincoln Way.

Ian Ringgenberg, member of the Campustown Student Association and graduate student in educational leadership and policy studies, and Tom Danielson, GSB finance director and senior in civil engineering, presented initial plans for the acquisition of the theater.

They said the two movie theaters in the building could be utilized for a variety of events, such as Student Union Board films, the Inter-Residence Hall Association’s Free Friday Flicks program and the Committee on Lectures.

In addition, the space would be primarily student-run, Ringgenberg said.

“The Barista Cafe in Buchanan is a great example of how student leadership can lead to thriving elements of the university,” Ringgenberg said.

A student-managed theater would offer opportunities for practical experience in event programming.

“South Carolina and Florida State both have theater programming as part of their student activities,” Danielson said.

According to the plan, the building’s large theater, which has a capacity of approximately 450, would be restored to its original purpose. The smaller theater, which can house approximately 300, could be transformed into a lounge or multi-purpose room.

However, there is much work that needs to be done before the proposal can become a reality.

The facility’s two movie theaters were stripped of seats and equipment when Cinemark vacated the space in January. The approximate cost to renovate them to working order would be approximately $200,000.

In addition, the university would need to negotiate a lease or purchase of the land and building.

Campustown Student Association representatives and Lynn Lloyd, property manager for the Varsity Theater, both said they see advantages in an outright purchase.

First, over the long run a purchase could save money. The yearly property tax on the theater is approximately $20,000, according to figures from the Ames Assessor’s Office. If the property were contracted on, for example, a 20-year lease, property taxes for that period would amount to $400,000. But since the university is exempt from taxes on property it owns, an outright buy would save the theater from this expense.

In addition, a purchase would give the university the security to invest in the property with the knowledge that it is investing in something it owns, rather than investing in a leased space.

However, Lloyd said that her 91-year-old father retains ownership of the building and that he would have final say over whether the family would be willing to sell property it has owned for three generations.

But since the only other parties who have expressed interest in the building have wanted to turn it into a bar or a venue for cage fighting matches, Lloyd said that her preference would be to sell the property to the university for a purpose that could help bring students and positive change to the area.

“We’re looking at all these properties and how [our other businesses] would be benefitted from it,” Lloyd said.

The proposal is still in its initial stages, and GSB senators and staff members called for more research on the project.

“I think there needs to be a lot of background research that goes into this,” said Elisa Berzins GSB director of human resources and development and senior in marketing.

Quotes from specific vendors need to be negotiated and the yearly costs and revenues for operating the theater need to be projected.

But several senators voiced support for the plan should financial projections seem favorable.

“We could foreseeably program it every night with things that students would want to go to,” said Anthony Maly, liberal arts and sciences senator and junior in political science. “SUB Films are always packed here   — they’re always at capacity whenever I’ve seen them.”

The Campustown Student Association is hoping for partnership on the project from city, university and community groups and will be presenting its proposal to various organizations over the next several weeks.