The Board of Commissioners of the Community Redevelopment Agency unanimously approved a proposal to make over the Reseda Theater, which was built in 1948. If the City Council approves the action, the developer, CIM/18447 Sherman Way, L.P. will over see the renovation. The entire project is expected to cost about $8.7 million. The CRA, which purchased the theatre in October of 2004 for $1.3 million, would provide a $4.35 million loan to be paid off over 25 years. The project is expected to generated $3.6 million in tax revenues over 25 years once it is completed. The 8,500-square-foot theater will be turned into an 11,000-square-foot performance, special event and night club venue. The developer will also acquire a 1,500-square-foot restaurant abutting the property and demolish a two-story commercial building on Canby Avenue to create a parking lot.
