Deal closes for downtown Tivoli Theatre
http://www.thespec.com/news/local/ar...i-theatre-sold
Hamilton’s historic Tivoli Theatre has a new owner after a long-rumoured sale closed Monday.
The Spectator has learned that the heritage property sold for $900,000 in a deal between the Canadian Ballet Youth Ensemble and a numbered company owned by local developer Domenic Diamante.
Diamante is the husband of Belma Gurdil-Diamante, who runs the charitable dance company. Land registry records show that the purchase was through 1150735 Ontario Ltd., registered to Domenic Diamante.
When The Spectator reported on the pending sale of the James Street North property in February 2013, there was no time frame for the deal’s closure.
CBYE director Gary Santucci said then that, under the terms of the sale, the ballet company would retain ownership of the auditorium while the rest of the property would be developed commercially. He said the deal would facilitate restoration of the theatre.
The ballet ensemble originally acquired the theatre in 2006 for $2 from the Sniderman family of the Sam the Record Man fame. Since then, the City of Hamilton has provided the ballet company with $144,906.02 in grants and loans toward feasibility studies, stabilization work and roof repair.
For example, the city loaned about $50,000 in 2010 to help retrofit the roof, secured by a third mortgage on the Tivoli property. Last week’s report to council said the $50,000 would be due upon a sale, but city staff could consider options such as transferring the loan repayment to the new owner.
Other financial items also must be in the clear. It said that both the seller and the buyer would have to be in “good standing” with the city to take advantage of financial incentives, including a 90 per cent exemption in development charges.
The most contentious item is a $48,000 lawsuit by the Hamilton Entertainment and Convention Facilities (HECFI) against the ballet company for alleged unpaid fees associated with the 2011 production of the Nutcracker at Hamilton Place.
Santucci has said CBYE rejects the claim, alleging it is “short on factual data.”
A report presented at council’s general issues committee last week said city staff from urban renewal and development planning met with Diamante in early January. They discussed planning approval processes and financial incentives that Diamante would be eligible for if the property was purchased and redeveloped, such as the Hamilton Downtown Multi-Residential Property Investment Program.
Special to The Hamilton Spectator