Tonight, February 14th, the Livermore Valley Performing Arts Center (LVPAC) will be going before Livermore City Council to discuss questions and results of stress tests, requested by the City last November. As reported late last year, LVPAC has found financing for the 2000-seat regional theater the catch: City of Livermore will need to co-sign. LVPAC is the same group behind the development and operation of the Bankhead Theater in downtown.
A letter from LVPAC to supporters within the community:
“In November 2010, LVPAC proposed a new financing structure that reduces the amount of funds to be borrowed and contains positive enhancements for both the City and LVPAC. This new approach requires the City to guarantee the bond payments needed to fund the project. LVPAC’s research shows that it is highly unlikely that the City’s guarantee will ever be needed; and, if it is, sufficient funds are projected to be available, over the life of the financing, to reimburse the City for its short-term contribution. If approved, this financing structure will allow construction of the Regional Theater and the adjacent public plaza to begin later this spring.
If you believe that moving forward to construct the Regional Theater will provide significant benefits (short and long-term jobs, annual economic stimulus, and long-term downtown stability and enhancement) for the future of our community, we would greatly appreciate your presence and your direct support for a City guarantee at the February 14th City Council meeting.
Please RSVP if you are able to attend and are willing to speak on behalf of the project. Speakers from the public are the most effective and send a message to the Council that folks are supportive of this project.
Comments are limited to two or three minutes. Plan on arriving at 6:45pm to find a seat, and fill out a speaker’s card. You may want to bring a book; it could be a long evening! Most likely, comments will be open from 8 – 10:30pm.”
DIRECTIONS: Off of South Livermore Avenue, turn left at Pacific, cross Dolores Avenue (stop sign) on Pacific, before finding the Chambers on the right, at 3575 Pacific Avenue.