Search
 

Council Approves Agreement on Tenancy Terms for McCaw Hall

SEATTLE-The Seattle Opera and the Pacific Northwest Ballet have reached an agreement of understanding with the City for occupying the city's newest performance hall for a term of 25 years.

By Joel Cone | Updated on June 25, 2003

SEATTLE-The City Council has approved an agreement of understanding reached between the city, the Seattle Opera and the Pacific Northwest Ballet enumerating the conditions for use and management of the newly built $127-million McCaw Hall set to open this weekend.

The 294,935-sf Marion Oliver McCaw Hall is a state-of-the-art replacement for the Opera House at the Seattle Center that began construction in 2001. The project was financed through a combination of city, county, and state dollars and private fundraising efforts on the part of the opera and ballet companies and the Seattle Center Foundation. The hall is named for the mother of wireless technology pioneer Craig McCaw, whose $20 million donation was a naming gift from him and his three brothers – Bruce, John and Keith.

There is no lease arrangement, per se, for the 25-year term of the agreement. The 10-page agreement sets forth the operating and maintenance costs for the hall and divides responsibility for paying those costs among the three partners – the Opera, the Ballet and the Seattle Center. If revenues exceed expectations, costs will be lowered for each party the subsequent year. The three parties have also agreed to pay their share of any unanticipated costs that may come up such as necessary renovations. Each will have a say in what gets done and how much is paid for it.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.