Speaking from the standpoint of someone who gets occasional requests for grants - a few pointers.
1 - Be prepared. Your donor might be very interested in your project, he might not be - but you need to be very crisp and
clear with him. Put together a written document / brochure that talks about the project.
2 - Have a measurable objective. As a donor I would respond much better to 'We want a grant for 20,000 to do a
feasibility study for a new
theatre. Instead of 'We are looking for 200,000 to 800,000 to renovate some building that we have not found yet. As a donor I will look at what you did with the first grant to see if I want to give you more later.
3 - What are you ( or your
community theatre ) going to do to make this move forward. I understand that you may not have money to put into the project, but what do you expect to contribute?
4 - Convince me that this project will have legs. If we
build a building, who will run it for the next 15 years? What kind of
track record do they have in running a
theatre?
5 - Don't be afraid to make the
pitch. Invite him to see a show, or find an opportunity to chat with him about what you are trying to do. Get to know him as much as possible so you can see what his interests are. If he has the funds to invest, and thinks that it makes sense, and gets excited about it - he will be looking for a partner to do the hard work ( that's you and your organization) while he provides the money ( or most of it ).
6 - Giving away money is harder than it look like from the other side. Your donor is looking for someone who has an idea he can believe in, has the competence to pull it off, and has the long term structure to see that it keeps going. Those folks are rare and if you find one of them you ( as a donor) tend to continue to support them.
7 - Continue to touch
base with them. We give money to a local
theatre group. Whenever we go to the
theatre, the managing director makes it a
point to come up to us, say hello, and keep the lines of communication. We continue to support that
theatre from year to year. Another group got a contribution from us once, and did not take that proactive stance to make us feel welcome and appreciated - we don't continue to fund them.
And finally - there has been a lot of discussion about
theatre consultants - what I have not seen is a discussion about a development person. This is the person who will write all of the grant applications. Who knows about raising money for a capital campaign, and knows how to talk to your donor. At this
point in the process, I would argue that a development person is at least, if not more important, than a
theatre consultant.
Good luck.