Glendale : Alex Theatre Lease OKd
The City Council and Redevelopment Agency on Tuesday agreed to lease the historic Alex Theatre for 50 years to a nine-member, nonprofit board appointed by the council and to loan $150,000 to the board to launch a fund-raising campaign.
The action allows the Alex Regional Theatre Board, appointed last fall to oversee development and management of the theater, to hire an operator to begin programming. The board has been negotiating terms of a five-year contract with Theatre Corp. of America, which operates the Pasadena Playhouse and provides programming for theaters in Santa Barbara and San Diego, to develop programming for the Alex.
The ornate 1925 movie house at 216 N. Brand Blvd. is being renovated and converted into a performing arts center, scheduled to open in September. The city’s agreement with the theater board, which will go into effect after construction is complete, provides for a 25-year lease and a 25-year option to renew.
The loan is to be repaid with interest within five years.
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