Cerrito Theatre Update

RIALTO cinema CERRITO UPDATEJUNE 2018

Brief Timeline

  1. 2002:  Theater purchased by the El Cerrito Redevelopment Agency to be restored and operated as a theater to help bring new commercial activity to the San Pablo Avenue Corridor.
  2. 2006: First operators begin operations (November 1)
  3. 2002:  Theater purchased by the El Cerrito Redevelopment Agency to be restored and operated as a theater to help bring new commercial activity to the San Pablo Avenue Corridor.
  4. 2009:  Rialto Cinemas Cerrito, the current theater operators, sign 5-year lease with three available 5-year extensions, bringing total agreement through 2029
  5. 2012:  State of California dissolves Redevelopment Agencies, and Successor to the Redevelopment Agency is to dispose of (sell) all real estate assets and distribute proceeds to taxing entities (including the City of El Cerrito)
  6. 2015: Long Range Property Management Plan adopted/approved specifying theater will be sold and sales proceeds distributed per Dissolution Statutes.
  7. June 30 2018: Local Oversight Board will be dissolved and a Countywide Oversight Board established.  (Oversight Board to consider Purchase and Sale Agreement)

Current Situation/Proposal (Under Negotiation)

  1. Current operators form holding company to buy theater.
  2. Theater property to be used in perpetuity as a Community Theater/Public Entertainment venue through Use Covenant/Deed Restriction
  3. Twelve Community Use Days Co-Sponsored with the City of El Cerrito to be included in Purchase and Sale Agreement in Perpetuity
  4. Relationship to Friends of Cerrito Theater (Cerrito Classics) to continue
  5. Historic Elements to be Protected through Use Covenant/Deed Restriction
  6. Qualified Right of First Refusal to be included in Purchase and Sale Agreement

Next Steps/Process (proposed)

  1. June 19, 2018: Successor Agency to the Redevelopment Agency to consider proposed Purchase and Sale Agreement at Public Hearing
  2. June 27, 2018: Oversight Board to consider proposed Purchase and Sale Agreement at Public Hearing
  3. TBD: Contingencies (inspections etc.) to be performed by proposed buyer; Escrow to Close

Contact Melanie Mintz, Community Development Director at 215-4339 or mmintz@ci.el-cerrito.ca.us for more information.