Title
Resolution to authorize forgiveness of rental payments due under an existing lease agreement between the City and The New Hazlett Theater.
Body
WHEREAS, in 2003, The New Hazlett Center for the Performing Arts, a 501(c)(3) non-profit group (“The New Hazlett Theater”), agreed to assist in the renovation and reopening of the Theater as a vibrant new performing arts center (the “Project”); and
WHEREAS, pursuant to Resolution No. 384 of 2005, the City agreed to lease the Theater to The New Hazlett Theater in order to facilitate this project with an agreed upon rent to be Fifty Thousand ($50,000) each year; and
WHEREAS, during 2006, The New Hazlett Theater completed the Project for approximately Two Million Six Hundred and Twenty Thousand Dollars ($2,620,000) and due to these improvements, in 2010 pursuant to Resolution No. 787 of 2010, the New Hazlett Theater had requested to forgive and forego rent for years 1 through 10 of the lease totaling Five Hundred Thousand Dollars ($500,000). This did not include the final two years, 2016 and 2017, of the lease agreement; and
WHEREAS, pursuant to the passage of a new agreement, The New Hazlett Theater will soon be taking full responsibility for their portion of the Carnegie Free Library of Allegheny in the North Side including all repairs, utilities, improvements, and maintenance, relieving the City of the burden of any future costs associated with this portion of the property; and
WHEREAS, the New Hazlett Theater continues to provide quality performing arts in the North Side and to the entire Pittsburgh community, and has agreed to provide two free shows to City residents each year.
Be it resolved by the Council of the City of Pittsburgh as follows:
Section 1. The Mayor and the Director of the Department of Finance are authorized to amend the current lease with the New Hazlett Theater to forego the rent requirements for years 11 and 12 and any other monies due or owing under the Lease.