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Report: Income drops at Alex Theatre

Though income fell 21%, report also says the venue gained $65K in sponsorships.

January 24, 2014|By Brittany Levine, brittany.levine@latimes.com
  • The Alex Theatre in Glendale, pictured on Friday, December 28, 2012.
The Alex Theatre in Glendale, pictured on Friday, December… (File Photo )

While the Alex Theatre’s total income declined 21% during the first quarter of this fiscal year, which ended Sept. 30, the drop was expected due to a massive renovation project underway, according to a financial report released this week at a City Council meeting.

Despite the revenue slump, the manager of the historic venue, Glendale Arts, netted $65,000 in sponsorships during the same period, an accomplishment highlighted in the report written by Glendale Arts Chair Harry Hull and Executive Director Elissa Glickman.

The rise in sponsorships is good news as the nonprofit prepares to become self-sufficient.

Currently, the theater relies on a $415,000 subsidy provided by the city of Glendale through its former redevelopment agency, but that management fee will expire next year. The $5.3 million renovation, which included a 6,600-square-foot expansion of the venue’s backstage facilities, was also covered by redevelopment funding.

For some time, city and Glendale Arts officials were concerned about the renovation’s fate as redevelopment agencies throughout California shriveled up after state lawmakers voted to dissolve the funding program aimed at ending blight in favor of closing a multibillion dollar budget gap.

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Much of the project ended up being approved by top state financial officials as the city had promised to do the contract prior to redevelopment’s dissolution. However, some work — such as the addition of a chiller for $250,000 and roof replacement for $240,000 — still needed approval.

At a City Council meeting this week, officials announced they had received the final green light from the state Department of Finance. The additional expenditures are inclusive of the original revamp cost.

“We are looking very good and this asset will shine quite brightly for the community going forward,” said City Manager Scott Ochoa at the meeting on Tuesday.

The construction project is scheduled to be completed by the end of April, according to city officials.

“It’s great to be on time and on budget,” Glickman said by phone.

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