HomeMy WebLinkAbout00222C - METROPOLITAN THEATER PLAZA THEATER 0 Metropolitan Theatres
Use of Plaza Theatre
AGREEMENT #222
Res. 656, 11-1-89
AGREEMENT
The following will constitute the agreement between METROPOLITAN THEATRES
CORPORATION (M1C) , and the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF
PALM SPRINGS (CRA) , regarding the use of the Plaza Theatre property located
at 128 South Palm Canyon Drive, in the City of Palm Springs.
1. Metropolitan shall contribute $50,000 towards the remodeling cost of
the Plaza Theatre with the signing of a new agreement, and contribute
an additional $25,000 paid at the rate of $5,000 per year, over a five
year period.
2. Metropolitan shall donate to the Agency, all of its furniture, fixtures
and equipment located at the Plaza Theatre, with the exception of the
equipment in one projection booth, including but not limited to, sound
equipment, masking motor and curtain motor for one auditorium.
3. Metropolitan shall assist the Agency in bringing movie premieres (and
other fund-raising events) to the Plaza Theatre.
4. Metropolitan shall , on an exclusive basis, exhibit motion pictures at
the Plaza Theatre (the dates and times shall be subject to the mutual
agreement of the Agency and Metropolitan) . Metropolitan shall pay to
the Agency 12% of its total receipts (box office and concessions)
generated from the exhibition of the motion pictures. A minimum useage
will be negotiated concurrent with an operational program.
5. Metropolitan shall terminate its leasehold interest in the Plaza Theatre,
including the option to extend and the right of first refusal to purchase,
effective May 31, 1989.
The aforementioned constitutes all the elements to date, between MTC and
the CRA aid may be amended, from time to time by mutual consent.
Dated: l11(tl _
METROPOL-ITAN—THEATRES_CORPORATION
Bruce Corwin, President
ATTEST: COMMUNITY REDEVELOPMENT AGENCY
CITY OF PALM SPRINGS, CALIFORNIA
r A
By
Assistant Secretary Chairman
REVIEWED AND APPROVED: