The Newport Beach City Council meeting Tuesday night will be a make-or-break moment for the Balboa Village Theatre, according to the theater's foundation board.
The Balboa Performing Arts Theater Foundation is asking the city to fund $2 million to renovate the existing building, at 707 E. Balboa Blvd. The foundation would set aside another $2 million for tenant improvements, such as lighting and other operational expenses, according to the staff report.
If the council approves the contract, the city will earn 2.5% of all ticket revenues from the theater and will enter into a 50-year lease with the foundation, the report states.