Important vote on Playhouse scheduled next week
According to a few people I've spoken with who are in the know, they say the vote looks good. While there are those who wish to tear down the structure and put something new and shiny on the spot, restoring the building to it's former glory is what is on most people's minds.
There is a January 15 deadline to pay expenses and while millions are still due to creditors, $120,000 is what is due by January 15. The State of Florida, the current owner wants to clear the title. They have been good in fixing up the premises, fixing the broken scaffolding, painting the rotting building, fixing windows, etc. There still does seem to be people living inside the old structure and a year or so ago, a bunch of skateboarders demolished the place, destroying whatever was left inside, including the office computers and equipment, etc., which by this time would all have to be replaced in the renovation anyway.
A 50 year renewable leas with the county is the goal, once the county receives possession from the state.
Interestingly enough, of the $3.5 million that is due, many of the creditors are willing to take much less.
While the Aries Development Group always gets a bad wrap, they did agree to drop their claim of $1.5 million down to $15,000. A nice gesture. They invested money hoping to develop the property. That's not to say they still don't want to develop the property.
The City of Miami is owed $1.9 million and the Coconut Grove BID is owed $34,000 in assessment fees and there are bunch of other creditors which all add up to the $3.5+ million.
The County would like to have FIU and GablesStage run the show once the Playhouse is back up and operating. It's been closed since April 2006.
Interestingly, a lot of the debt money could come not from the playhouse itself, but by the parking next door, It generates over $200,000 per year and that money would be used to help pay down debt.
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