$5M challenge put up
A month after its reopening, the Granada announced April 8 a major gift
of $5 million from Santa Barbara businessman Michael Towbes and his
The donation is a “challenge” grant that urges the
community to match the funds by year’s end.
If they are successful, the
donation would put the Towbeses above the $10 million mark in terms of
donations to the theater’s renovation.
Before the $5 million challenge
grant, the Granada had raised $50 million.
However, it was still short
by $10 million of its goal to reach the campaign’s completion, which
included securing an endowment. Since starting the fundraising campaign
several years ago, 975 people have donated to the theater’s renovation.