$2.3 Million Donation Pays Off Raue Center Debt

A generous donor has paid off a $2.3 million in debt owed by the Raue Center For The Arts in Crystal Lake. The $2.3 million was the remainder of an original $8.8 million debt taken on when the Raue building was renovated in 2002, according to a news release. In addition to the debt retirement, the Crystal Lake Civic Center Authority, which owns the building, and Home State Bank announced a long-term lease agreement between Home State Bank and Raue Center for the Arts.

“We are incredibly grateful to Home State Bank for providing for the building and ensuring that the arts have a home for the next 50 to 100 years," said Tim Paul, Board President of Raue Center for the Arts.

The news comes as a welcome relief for the downtown Crystal Lake theater. The debt and ongoing maintenance on the 90-year old historic building "was financially prohibitive," according to a news release.

The $2.3 million gift will now allow the Raue to reformat programs and expand educational classes for children and adults.

“The donation of $2.3 million is an endorsement of the Arts. People of this community value the arts
and professional theater. The process was challenging, yet everyone collaborated to provide a stable
future for Raue Center and Williams Street Repertory,” Raue Center CEO Richard Kuranda said. “Thank you to everyone involved in the process and thank you to the community for respecting and honoring the contributions of all of the artists that Raue Center welcomes.”

Raue Center leadership announced their need for additional funding in November 2017, citing the burden of debt exacerbated by the ongoing maintenance of the building after 2017 flooding. Original efforts were focused on the city of Crystal Lake, but the focus shifted when, an anonymous donor came forward.

After much discussion; all parties were able to come together and agree on the new lease terms between Raue Center and Home State Bank, according to the news release.

“Raue Center plans include continuing to grow and enhance programs, arts education and community
engagement. The improved financial status will allow donor dollars to directly impact programming and
arts,” said Kuranda. “With these financial constraints alleviated, we are excited for the future of the
arts."

Photo via Raue Center for the Arts