HomeMy WebLinkAbout20681 - RESOLUTIONS - 7/30/2003 RESOLUTION NO. 20681
' OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, APPROVING A RESTATED
AND AMENDED LEASE AGREEMENT WITH THE
PARTNERSHIP FOR THE PERFORMING ART, L.P.
FOR THE PLAZA THEATRE A0467C
WHEREAS the Community Redevelopment Agency of the City of Palm Springs
currently has a "Theater Lease Agreement' with The Partnership for the Per-
forming Arts, LP for the Agency owned Plaza Theatre which commenced on
September 1, 1991 and extends until December 31, 2006 as a consecutive se-
ries of annual extension options;and
WHEREAS; the tenant desires to restate, amend and extend this lease, again as a
consecutive series of annual extension options, from October 1, 2003 through
May 31, 2018;and
WHEREAS The tenant has agreed to a current annual building lease amount
of $148,800 triple net plus an annual Alley sublease amount of $6,000, and
has also agreed to pay annual CPI increases in the rent starting in June, 2005.
' NOW THERE BE IT RESOLVED that the City Council of the City of Palm Springs
Approves a Restated and Amended Lease Agreement with the Partnership for the
Performing Art, LP for the Plaza Theatre.
ADOPTED this 30th day of July, 2003,
AYES: Members Hodges, Reller-Spurgin and Mayor pro tem Oden
NOES: None
ABSENT: Member Mills and Mayor Kleindienst
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
City Clerk City Manager
REVIEWED & APPROVED AS TO FORM
3 b