EDITORIAL : GOLDEN HANDSHAKE?; A PROPOSAL TO ADVANCE $90 MILLION TO DEVELOPERS FOR PERMANENT HOME FOR THE OSCARS NEEDS SCRUTINY.AS much as we support a revitalized re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. Hollywood, we must express serious reservations about a plan to put up $90 million in public money for a theater to permanently host the Oscars. Council member Jackie Goldberg Jackie Goldberg (born June 16, 1937) is an American politician and teacher, and a member of the Democratic Party. She is a former member of the California State Assembly. , who represents the Hollywood area, said the plan is far different from the one financing the sports arena. This would be more advantageous for the city. Pardon our skepticism, but since this is taxpayer money it requires as much scrutiny, if not more, than that given the sports arena. Why? Because the money would be funneled through the Community Redevelopment Agency, which has a lousy track record in getting its money back or in seeing real benefits from the millions it spends on projects. The proposed $350 million Hollywood redevelopment project that would give a permanent home to the Oscars includes a requirement that Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. advance $90 million to cover the costs of building the 3,300-seat theater and a parking garage. The city will earn all the revenue from the theater and parking garage, Goldberg said. If the revenue doesn't meet the $8 million annual cost of financing the bonds sold to advance developer TrizecHahn its $90 million, the developer will pay the difference. Serious questions must be answered before public money is committed to this project. Questions such as how much use will this theater receive outside the one event a year? Does it duplicate what the Shrine Auditorium The Shrine Auditorium is a landmark large-event venue in Los Angeles, California, USA. It is also the headquarters of the Al Malaikah Temple, a division of the Shriners. , the Dorothy Chandler Pavilion The Dorothy Chandler Pavilion is one of the halls in the Los Angeles Music Center (which is one of the three largest performing arts centers in the United States). The Music Center's other halls include the Mark Taper Forum, Ahmanson Theatre, and Walt Disney Concert Hall. or the new Disney Hall can or will do? Are there ironclad ironclad, mid-19th-century wooden warship protected from gunfire by iron armor. The success of the ironclad when first employed by the French in the Crimean War sparked a naval armor and armaments race between France and Great Britain. guarantees similar to those for the sports arena to repay the public's money? Developers for the sports arena guaranteed two teams playing 150 nights a year. What guarantees will the city have for the 3,300-seat theater? A one-night stand one-night stand n. 1. a. A performance by a traveling musical or dramatic performer or group in one place on one night only. b. The place at which such a performance is given. 2. from the Oscars hardly assures the success of the theater or guards the public's money. If the agreement includes proper safeguards and protections, if it is scrutinized thoroughly and has a proven value beyond the Academy Awards, then the project has merit. Oscar night should be a Hollywood event. To hold it anywhere else is ridiculous, and Hollywood knows it. But there are a lot of projects that could use a $90 million shot in the arm. It's public money that could be spent in a thousand ways, and this project should be held to the same rigid scrutiny and high standards that the arena received. |
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