From a press release (read the full release here — pdf):
HISTORIC DOWNTOWN CHAMPAIGN MOVIE THEATER WILL LIVE ON AS FILM CO-OP
The Art Theater Co-op reaches its $100,000 start-up goal and hires inaugural GM
Champaign, IL (August 24, 2012) – In an uncertain time for independent cinemas across the country, the Art Theater Co-op has secured its future by successfully becoming one of the first theaters nationwide to transition from a single owner to a cooperative business of over 1,100 owners, raising start-up funds of over $100,000. The co-op will take over operation of the 99-year-old Art Theater on September 7th and purchase and install a digital projector in coming months. In preparation for the transition, Urbana resident Austin McCann has been hired as the co-op’s first general manager.