At last! An agreement on the Fox West Theatre everyone can tolerate

Published by Huerfano World Journal News on July 30, 2020. Read full article: www.worldjournalnewspaper.com

by Bill Knowles

TRINIDAD — During the Trinidad City Council meeting on Tuesday, July 21, the city council approved a development and lease agreement between the three parties that are currently active in the rehabilitation of the historic Fox West Theatre on west Main in downtown Trinidad. The agreement has gone through several iterations prior to approval of this one.

The three parties are the City of Trinidad, also designated as the owner or landlord of the theatre; Urban Neighborhoods Trinidad, LLC, also called the developer for the theatre. The group is owned by Denver developer Dana Crawford, and the Fox West Alliance, a nonprofit corporation who will be the tenant and will operate and maintain the theatre. The group have contracted together to raise the funds necessary for the redevelopment of the theatre.

The lease term is for 25 years or until 15 years from the date of issuance of the Certificate of Occupancy after the redevelopment of the property, “whichever occurs later.” The lease is renewable in five-year terms.

The landlord – the City of Trinidad – will pay all utilities, general maintenance and upkeep, insurance and other out of pocket costs necessary to maintain the property at a base operating level during the rehab period. A period – later explained in the lease – to be a 10-year period starting from the execution of the agreement. It is also laid out that the rehab period shall end at the earlier of the issuance of a certificate of occupancy for the premises or the expiration of 10-years, whichever comes first.

At the end of the rehabilitation period the Fox West Alliance will pay an annual rent of one-dollar and no cents ($1.00) and assume responsibility for all utilities, general maintenance and upkeep, general liability insurance and other costs.

Read full article here: https://huerfanoworldjournal.com/at-last-an-agreement-on-the-fox-west-theatre-everyone-can-tolerate/

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