The Reno City Council tomorrow is scheduled to consider an agenda item for the purchase of the beleaguered Lear Theater.
City staff characterized the transfer as a “donation of the Lear Theater from Artown with a tie-in for a continued $125,000 annual support payment plan to Artown for seven years” beginning this month.
The $125,000 is what the city annually grants to Artown as a festival sponsorship.
“This seven-year agreement with Artown is for the purchase of the Lear Theater located at 501 Riverside Drive … and the parking lot located to the west of the theater … not to exceed $875,000,” a staff report noted. “The City will make seven equal payments of $125,000 each fiscal year with funding coming from the Room Tax Fund.”
Rehab costs for the property are estimated to be as much as $10 million.
“These expenses are not included in the FY 21/22 adopted budget,” staff said.
The property has been unused since 2002. Artown got the property in 2011 for the purpose of transforming it into an arts center.