Is Cirque du Soleil's Upcoming Stay Worth $30M to the City of LA?
World-renown acrobatic entertainers Cirque du Soleil have been dangling a 2011 permanent stay here in Los Angeles for several months now. Talks to have the troupe set up their act at Hollywood & Highland's Kodak Theatre for a ten-year residency at the venue have been in the works for sometime, but now it falls to the City Council to decide if Los Angeles can afford to have them here, according to the Daily News.Today, council's Housing, Community and Economic Development Committee will consider "whether to recommend extending a $30 million loan to the owner of the landmark Hollywood & Highland complex to retrofit the Kodak Theatre so it can house Cirque du Soleil performances for a decade." The loan would generate over 800 jobs, claims the theatre owner. In favor of the loan is Council President Eric Garcetti, who sees revenue potential from tourists. In opposition is Councilman Dennis Zine, who would prefer to see that same $30 million spread around multiple city-wide projects, noting: "If you take that $30 million and spread it throughout the city, then that $30 million could generate $100 million."