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Board approves lease termination and short-term management agreement for Playhouse
Summary
The board approved a lease termination with Playhouse Lab LLC and a management services agreement keeping current operators in place while an RFP (due Jan. 7) seeks a permanent operator; the termination was presented as a cleaner alternative to bankruptcy and included an explanation that tenant-owned trade fixtures (seats, projection equipment) were excluded from town collateral under the original lease.
Diana presented two documents for board approval: a lease termination agreement with Playhouse Lab LLC and a management services agreement that keeps the current operator running the Playhouse until a new operator is selected via an RFP.
Diana explained the termination and management agreement were negotiated to secure a fully intact theater for the community without pursuing a bankruptcy process.…
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