Redevelopment leaders on Monday will consider giving a half-million loan to the developers of a downtown entertainment venue.
The Long Beach Redevelopment Agency Board will decide whether to lend $500,000 in Downtown Project Area funds to Rudy Medina and Luis Kaloyan of 350 Entertainment Group for "working capital and to purchase furniture, fixtures and equipment" for the Vault 350 at 350 Pine Ave., according to a staff report released today.
If approved, Medina and Kaloyan would receive a $500,000 loan with a 3.5 percent fixed annual interest payable in 10 years or amortized over 15 years. Developers would pay about $3,574 a month.
This is in addition to the $250,000 facade improvement grant the agency approved in September. The developers said they will use that money to outfit the exterior of the building with a cinematic marquee, box office and presentation case to announce programming and merchandising opportunities. They intend to incorporate some of the 1920s Greek Revival architecture recently uncovered from inside the building, built in 1921 by Parkinson & Parkinson, the architects of the Los Angeles Memorial Coliseum.
San Diego natives Medina and Kaloyan purchased the venue for $3.5 million from foreclosure about a year after its last owner, Mitchell Stewart of Network Development, LLC, died of a heart attack.
Medina, 51, who owns Medina Investments and Development, a boutique urban infill firm, and Kaloyan, 46, who owns X1FM Network Radio, an interactive live broadband radio station, have been working on more than $5 million in renovations to the building, which they hope will be a multifaceted venue that could house concerts and private and public events. Both have said they plan to open in early 2010.
The meeting will take place at 9 a.m. at 333 W. Ocean Blvd.
The Long Beach Redevelopment Agency Board will decide whether to lend $500,000 in Downtown Project Area funds to Rudy Medina and Luis Kaloyan of 350 Entertainment Group for "working capital and to purchase furniture, fixtures and equipment" for the Vault 350 at 350 Pine Ave., according to a staff report released today.
If approved, Medina and Kaloyan would receive a $500,000 loan with a 3.5 percent fixed annual interest payable in 10 years or amortized over 15 years. Developers would pay about $3,574 a month.
This is in addition to the $250,000 facade improvement grant the agency approved in September. The developers said they will use that money to outfit the exterior of the building with a cinematic marquee, box office and presentation case to announce programming and merchandising opportunities. They intend to incorporate some of the 1920s Greek Revival architecture recently uncovered from inside the building, built in 1921 by Parkinson & Parkinson, the architects of the Los Angeles Memorial Coliseum.
San Diego natives Medina and Kaloyan purchased the venue for $3.5 million from foreclosure about a year after its last owner, Mitchell Stewart of Network Development, LLC, died of a heart attack.
Medina, 51, who owns Medina Investments and Development, a boutique urban infill firm, and Kaloyan, 46, who owns X1FM Network Radio, an interactive live broadband radio station, have been working on more than $5 million in renovations to the building, which they hope will be a multifaceted venue that could house concerts and private and public events. Both have said they plan to open in early 2010.
The meeting will take place at 9 a.m. at 333 W. Ocean Blvd.
Karen Robes Meeks came to work for the Press-
Bad investment.The last thing Pine Avenue needs is
a venue attracting the low life elements central to the reason the Pine Avenue is-and will continue
to flounder.
Laurence B.Goodhue
Long Beach
Bad investment.The last thing Pine Avenue needs is
a venue attracting the low life elements central to the reason the Pine Avenue is-and will continue
to flounder.
Laurence B.Goodhue
Long Beach
Oh, Sure!! We have tons of money to give away!!
We should have more riots downtown. Bring in the homeless, too!!
Free Money for the art museum, buy the toxic waste dump, more money for the aquarium!!
No wonder the city is falling apart AND bankrupt.