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AFTERGLOW AT THE NEW GRANADA EVEN BRIGHTER WITH ANNOUNCEMENT OF MAJOR GIFT
$5 MILLION "TOWBES CHALLENGE GRANT" MOVES CAMPAIGN WITHIN REACH OF COMPLETION

Just one month after the much-anticipated re-opening of Santa Barbara’s historic entertainment venue, The Granada announced a major gift from long-time project supporters Anne and Michael Towbes. The couple has issued a challenge to the community to help complete the campaign by the end of the year.

SANTA BARBARA, CA—April 8, 2008—Only weeks after the historic re-opening of Santa Barbara’s famed entertainment venue, The Granada, supporters of the restoration of the 1924 theatre have just been treated to an encore eclipsing all others to date.

On Monday afternoon, the board of directors of the Santa Barbara Center for the Performing Arts, the non-profit organization that maintains The Granada, received news of a $5 million challenge grant from long-time project supporters Anne and Michael Towbes. If matched by the community by year end, it will bring the total campaign contributions by Anne and Michael Towbes to more than $10 million.

Mr. Towbes, board member and chair of The Granada’s campaign committee, announced the challenge grant at Monday’s board meeting to resounding cheers and applause. Towbes issued a challenge to the community to match the pledge dollar for dollar by December 31, 2008.

“When thousands lined up all day to get a glimpse of the theatre, you couldn’t help but feel tremendous pride in this community and in how it embraces cultural and historical preservation,” said Mr. Towbes, in reference to the theatre’s free public open house on March 9th. “The end result has been a performance space which exceeds our fondest expectations, both in its breathtaking beauty and its superior acoustics. Anne and I felt moved to do this. It’s time to put an exclamation point on this momentous campaign.”

Towbes says he and the board are hopeful and confident that this will prompt many who have been waiting to see the theatre’s doors open to now come forward and help fund the project.

Executive Director Peter Frisch stated, “Six years ago our board made a commitment to acquire and restore the theatre. This gracious gift from Michael and Anne will allow us to put the finishing touches on the theatre while helping to guarantee a stable future with innovative and world-class programming for decades to come.”

The challenge grant will result in $10 million in additional campaign support. A portion of this will be used to create an endowment which will include the “Granada Presents” Programming Fund, allowing the theatre to further solidify the launch of its official inaugural full season this coming September.

“There is great urgency, as we have only eight months to raise the $5 million matching funds in order to take full advantage of this wonderful gift,” said Frisch.

The campaign, which will officially end in December, 2008, has received 975 gifts now exceeding $50,000,000, making it one of the most successful fundraising campaigns in Santa Barbara history. For more information, please call The Granada Development Office at 899-3000.