Wednesday, July 29, 2009

Council Committee moves forward on bringing Cirque du Soleil to Hollywood

This morning the Council's Housing, Community and Economic Development Committee unanimously voted to approve a $30 million federal government loan to retrofit the Kodak Theater for Cirque du Soleil. The show has agreed to a 10-year run in Hollywood.

The loan comes from the U.S. Department of Housing and Urban Development and will be lent to the owners of Hollywood & Highland for the retrofit project, which is expected to generate more than 850 new jobs.

Issuing the loan has no cost to city taxpayers -- in fact, the City of Los Angeles will receive a $450,000 fee when the federal loan is approved and funded.

Even in this down economy, Cirque du Soleil has been a star attraction in other locations and it will be a great addition to Hollywood. We expect the show to draw more than one million people to Hollywood each year, which means that we’ll have an influx of visitors to neighborhood's restaurants, hotels, and other attractions.