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To fund its cut of theater debt, the city will issue $9.2 million in certificates of participation — essentially a 30-year mortgage — paid for with community impact fees from the Altamont and Vasco Road landfills. The fees had been earmarked to repay bonds for the theater’s construction. City officials said they estimated potential revenue from the landfill fees at about $17 million, more than enough to cover the roughly $13 million the city will need to pay off the certificates and service the debt. Any shortfalls will come from the city’s general fund.
Under the deal, the Bank of New York Mellon will forgive $7.5 million, a third of the outstanding debt, Alameda County will contribute $2.8 million in exchange for the right to hold four rent-free events every year and vet any sale of the building, The county ballroom dance shoes amazon would be repaid if the building is sold, The county Board of Supervisors must first approve the contribution at its Oct, 7 meeting, The arts center will contribute $2.7 million and continue managing the theater’s day-to-day operations under terms of a sublease agreement, which carries an initial term of seven years, The parties will have the option to renew the lease in future increments of 10 and 13 years, The center will also be required to provide the city with quarterly and monthly financial reports..
“To LVPAC it means that we get rid of this tremendous debt burden that we can’t support,” said the nonprofit’s treasurer Henry Huff. “We hope to move forward and give people the shows they want.”. The theater opened in 2007 and hosts music concerts, plays, lectures and dance performances. Nearly 40 speakers addressed the council, with an overwhelming majority calling on council members to approve the deal and keep the theater from going dark. “I think we all know the Bankhead is the centerpiece of Livermore,” said Aaron Ortiz, executive director of East Bay Community Services. “This (deal) is the best decision for the community.” Nick Liang, of Uncle Yu’s at the Vineyard, said the restaurant and other downtown businesses have benefited greatly from the theater’s presence and its ability to attract visitors to the area.
“Any attempt that would result in the Bankhead going dark presents a threat to growth,” Liang said, “Art is priceless, and we should show our passionate side and support it.” Not everyone in attendance backed the buyout, Several speakers argued the city couldn’t afford the debt, airing concerns that residents would be left ballroom dance shoes amazon holding the bag, “The problem is leasing it back to the same people who couldn’t operate it at a profit,” said Livermore resident Russ Greenlaw, “The city (isn’t) in the business of losing money, I don’t think we should.”..
The Bankhead, which has nine resident theater companies, has operated under threat of foreclosure since the arts center organization lost a lawsuit it filed against the state’s Finance Department to recover $122 million in redevelopment funds for a planned 2,000-seat regional theater, intended to complement the Bankhead and keep it financially solvent. In 2012 and 2013, the arts center secured loans of $400,000 from Alameda County and $475,000 from the city of Livermore in order to keep the theater open.
Councilwoman Laureen Turner, who voted against the city’s original loan to the arts center, explained why she supported the deal this time around, “What has changed is now we have a plan,” Turner said, “We’re not spending anything new, and at the end of the day — depending on the markets — we might come out ahead.”, Under terms of a settlement with the state, the regional theater plans will be terminated and the ballroom dance shoes amazon land set aside for the project will be returned to the city, The arts center, which dedicated more than $10 million into planning the larger theater, will be refunded $3.75 million from the state, The money will be put back into operations and maintenance..
All eyes turned to the pyramid erected in the center of the action, watching intently as the structure split open to reveal Monday night’s main attraction — Katy Perry — who greeted the 12,500 fans in attendance with her signature tune “Roar.”. It was an opening segment worthy of Perry’s musical idol — Madonna — and certainly a glorious way to kick off the star’s sold-out two-night stand at SAP Center in San Jose. “Do not let this moment pass you by,” Perry instructed the audience.
Then she led by example, making the most of her roughly two hours onstage, The result was likely the best Perry show to date in the Bay Area, Of course, that’s not saying all that much, Filling seats has never been a problem for this pop vocalist, who rocketed to fame in 2008 with ballroom dance shoes amazon the single “I Kissed a Girl” and never looked back, But the issues would manifest once she took the stage, There were some definite holes in her California Dreams Tour in 2011-12, in regard to both concept and execution, And she was still a work in progress during her inaugural Hello Katy Tour in 2009..