Quote:
Originally Posted by BrianTH
I think it is worth noting that retaining ownership of the building (and the air rights) is not necessarily in the best interests of the cultural program itself. And in fact I am sure part of why the developer has apparently offered to grant the program a very favorable lease is that it understands the prospect of simply evicting the cultural program wouldn't be a good idea.
So when looking at this from Dollar Bank's perspective, it gets complicated--it may have to take some heat in the short run if the developer wins out over the foundations, but if the AWC is still there and operating down the road, it may think that will be a satisfactory outcome once the issue dies down. And after all, it did move to foreclose on the building, so clearly it is not entirely shy about asserting its legal rights.
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From what the foundations said today, it doesn't sound like the lease is very favorable. It sounds like the cultural center would have very restricted access to the theater.
Then again, it's why I wish the whole bid process was transparent so we could know if they are telling the truth.
EDIT: And then of course the conservator comes out and says they will have 120 days to use the theater, but that doesn't tell us much if there are limits on certain prime time parts of the year. The center could be essentially boxed out by the hotel and not able to take advantage of those dates.