Cirque Du Soleil Loan Approved by City Panel
A $30 million dollar loan to help bring Cirque Du Soleil to Hollywood passed out of a city committee this morning and will likely be approved by the City Council next week. Kodak Theatre owners, the CIM Group, need to make adjustments to the space to allow for the troupe to be able to work there (think technical improvements that let actors fly across the theatre, etc). Although Councilman Dennis Zine was initially opposed to spending the money because he'd rather see it spread throughout the city, he eventually said he would vote yes next week when the type of loan and transaction process was clarified. The money comes from a $357 million pot granted by the federal government so Los Angeles can strictly act as a broker for redevelopment projects. The money will be paid back by the developer directly to the feds and Los Angeles will earn $450,000 in profit from a 1.5% brokers fee of sorts. The proposal will be voted on next Tuesday by the full City Council. If it passes, expect to see Cirque at its newest permanent space in 2011.