Send in the Clowns: Kodak Theatre Loan Approved

Welcome, circus tumblers and creepy-looking mimes: The Associated Press reports that yesterday the City Council approved a plan to loan developer CIM $30 million in funds to retrofit the Kodak Theatre, a move that allows a permanent Cirque du Soleil show to run in the Hollywood theater. According to the LA Times, the money will be taken from a $350 million federal fund for economic development and job creation (the loan still must be approved by the federal government). Meanwhile, the Los Angeles Times ran a scathing Op-Ed yesterday, railing against the approval of the loan. Among other criticisms: If CIM defaults on the loan "the city will be left with an interest in a shopping mall and a theater [Hollywood & Highland]. Los Angeles has a poor track record of running commercial properties." Kodak Theater via Five by Five
· L.A. City Council approves loan for Cirque du Soleil renovations at Kodak Theatre [LA Times]
· L.A. and Cirque du Soleil: Must this show go on? [LA Times]