Oak Street Cinema - Financial Troubles and Closing

Financial Troubles and Closing

When Bob Cowgill stepped down in 2004, the theater fell quickly into debt, in excess of $145,000 by the end of 2005. Cowgill's successor, Jamie Hook, was fired in September 2005 for mismanaging the budget and missing grant application deadlines. In the meantime, MFA board members Al Milgrom and Tim Grady personally loaned the organization over $75,000 to keep it afloat, guaranteed against the value of the property, which Grady estimated at approximately $600,000. By the beginning of 2006, the board of the Minnesota Film Arts publicly considered selling the theater, resulting in a protest by Cowgill and community members, under the auspices of the group Save The Oak, which they created for that cause.

As of 2009, the theater was still struggling along amidst continuing financial troubles. Local papers reported that the theater was likely to be sold and demolished to make way for the Campus Crossroads development, however that project was delayed due to difficulty raising capital because of the global financial crisis. MFA leadership acknowledged that selling the theater was necessary, but sought to calm fears that the theater would be demolished at that time. The theater finally closed in 2011 to make way for a new retail and residential development, and has since been demolished.