The three-month lease would allow the city to start planning for the project, including details of cost estimating, financing, design and permit approvals. By March, the city anticipates the completing of a five-year plan and cost estimates.
If the lease is approved, the next step would be for the city to complete negotiations and the preparation of an Owner Participant Agreement that would include the terms of the project and an outline of the responsibilities of the Pakzad, Speakeasy Theaters and the city. The agreement would have to go before the Redevelopment Agency.
The city aims to revive the theater, which was built in 1937, and is working with Speakeasy Theaters, who has proposed reopening the theater as a three-screen movie house and restaurant. The redevelopment agency is considering providing a 10-year loan for the project, as opposed to a grant, which would cut financial losses for the city.
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