Times Pledges $1 Million to Civic Arts Plaza : Endowment: Newspaper and foundation offer cash and ad space. The Thousand Oaks project tops its fund-raising goal.

The Los Angeles Times and the Times Mirror Foundation on Wednesday announced a joint gift of $1 million in cash and advertising space to support the new performing arts center in Thousand Oaks.

The contribution--the largest ever pledged to the Civic Arts Plaza--boosted the facility’s endowment to nearly $3.5 million, well above the initial fund-raising goal of $3 million. Interest generated by the endowment will be used to pay for day-to-day costs of running the large auditorium and smaller forum theater, which are scheduled to open this fall.

“We think this (theater) is a delightful and splendid opportunity for this region to become part of the world stage, so to speak,” said Jeffrey S. Klein, president of The Times’ Ventura County and San Fernando Valley editions.

“This is just a marvelous facility,” Klein said. “The Times and the Times Mirror Foundation want to be a part of this great program.”

Klein received a standing ovation when he presented a check for $100,000 as the first installment of the donation during the inaugural meeting of the Founders Circle--a group of donors who have pledged at least $50,000.

In recognition of the gift, the city will name the Civic Arts Plaza’s main entryway “The Times Plaza.”

“I can only say, ‘Look out, Times Square, you’ve been replaced,’ ” Mayor Elois Zeanah quipped.

The cash portion of the gift will be paid over five years. The free advertising space will be available for the next decade, in any section or edition of the paper, Klein said.

Advertising space is “extremely valuable to us because it can be used just as if it were cash in the operating budget,” said Stephen Woodworth, chairman of the Alliance for the Arts fund-raising group.

“We’ve been hoping and dreaming about this gift for a long time, but until today, we didn’t know it would be a reality,” said Tom Mitze, executive director of the 1,800-seat auditorium and 400-seat theater.

A significant chunk of the advertising space would be used to promote the grand opening, a black-tie gala event in mid-October, Mitze said.

Even as they celebrated the $1-million gift during a luncheon at the Lake Sherwood Country Club, fund-raisers said there is still a need to pick up even more donations.

Businessman Larry Janss, who sits on the theater commission responsible for running the performing arts center, immediately challenged his colleagues to set a new target, now that the original $3-million goal has been achieved.

“What good is a goal if it’s been met?” Janss asked.

He urged fund-raisers to aim for at least a $10-million endowment, which could subsidize performances in addition to covering operating costs.

While they did not explicitly endorse Janss’ proposal, leaders of the Alliance for the Arts fund-raising campaign vowed to continue their effort. Several individuals and business representatives attending Wednesday’s lunch said they were mulling major contributions.

“We’ll encourage you, and we’ll also twist your arm,” said fund-raiser and attorney Chuck Cohen. “Fund-raising is not only a diplomatic art, but also a very direct martial art.”