The L.A. City Council today approved a $30 million loan to ensure that Montreal-based Cirque du Soleil will appear in Hollywood's Kodak Theater for a 10-year period, according to Associated
Press. Pending approval from the mayor and federal government, the loan will be given to developers CIM, which owns the Hollywood and Highland shopping complex and which leases the Kodak from the city. CIM, AP says, "has pledged with its partners to create at least 850 jobs in exchange for the loan."
The L.A. Business Journal reports that the Cirque will spend $50 million of its own funds to prepare a Hollywood-theme show that will be scheduled to begin in 2011. The Journal also notes that "CIM plans to use the $30 million loan as part of a massive $50 million renovation of the Kodak Theater, including construction of an underground rehearsal stage and a separate onsite training facility."