GLENDALE : Alex Theatre Needs $250,000, Study Says
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A $250,000 subsidy will be needed to keep the financially beleaguered Alex Theatre in business for the current year, according to a report released Friday by the Glendale Redevelopment Agency.
The report comes as the agency is poised to vote Tuesday on an $80,000 loan to tide over the Alex until June 30. The loan would come on top of a $600,000 emergency subsidy the City Council approved last August to keep the theater open through 1994.
The theater has been in financial straits ever since a company hired to run it balked midway through the first year of a five-year contract last July.
City officials said they had always expected the Alex, an Art Deco movie house that the Redevelopment Agency refurbished into a performing arts center for more than $6 million, to need an ongoing subsidy. But a permanent source of funds has not been identified.
One possible funding source under consideration is the $800,000 the city receives yearly in bed tax from the Red Lion Hotel, officials said.
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