Receive and File an Update Regarding Pacific Theatres Performance for Fiscal Year 2005 2006. City of Culver City California Redevelopment Agency Agenda Item Report Meeting Date: September 18 2006 AGENDA ITEM: Receive and File an Update Regarding Pacific Theatres Performance for Fiscal Year 2005 2006. Item Number: C4 Phone Number: (310) 253 5777 Contact Person/Dept.: Elaine Gerety Warner Fiscal Impact: Yes Public Hearing: Public Notification: Master Notification List (9/12/06) X No Action Item: Consent Item: X General Fund: Yes No X Attachments: X Department Approval: Susan Evans (09/06/06) City Controller Approval: Marlee Chang (09/13/06) RECOMMENDATION: Exec. Director Approval: Jerry Fulwood (09/13/06) Staff recommends the Culver City Redevelopment Agency receive and file an update regarding Pacific Theatres Performance for Fiscal Year 2005 2006 BACKGROUND: In March 2006 staff brought forward an update regarding performance for the first half of Fiscal Year 2005/2006. Per the agreement with OliverMcMillan the Agency does not receive the cash flow report until approximately two months after the actual performance month. On August 7 staff received the report for June 2006. In keeping with the same format as the previous update an annual summary report highlighting the performance for Fiscal Year 2005 2006 (Exhibit A) as well as the monthly cash flow for the year (Exhibit B) have been attached. This report highlights the total revenues received vs. the projections included in the financial analysis that was used by the Agency to determine whether to proceed with the project. The financial analysis included projections of attendance ticket revenues concession revenues operating costs and repayment of the Agency contributions to the theatres construction costs ( Agency Loans ). In considering this data it is important to understand that the Agency loan repayment schedules included in the DDA (Exhibit C) are materially different from the repayment projections provided in...
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