The Sacramento City Council passed a motion last week to loan an additional $160,000 to the existing $253,839 loan principal to create a new loan to be used for capital improvements to the theater. The loan is forgivable in the year 2019 if the theater makes structural, safety, and aesthetic improvements as part of scenic easement to the Crest Theater marquee. An Owner Participation Agreement (OPA) with The Briggs Family Group (Owner) is to provide Downtown Redevelopment tax increment funds to the project. The loan would add $160,000 to the existing loan principal $253,839 and create a new loan of $413,839 to be used for capital improvements to the theater.
Crest Theater Loan Documents