PEEKSKILL, N.Y. – Peekskill City officials plan to enter into exclusive negotiations Monday for a lease with Red House Entertainment, the group that wants to take over operation of the Paramount Center for the Arts that was shut down in October due to financial distress.
The official negotiations are likely to be sanctioned at the Monday night meeting at Peekskill City Hall, according to the common council's agenda.
"On March 11, the Peekskill Common Council will vote to authorize management to negotiate a lease with Red House Entertainment," said Peekskill City Spokesman Bob Knight in an emailed statement.
A resolution to enter negotiations is available to the public on the city’s website.
Within the first year of operation, the group intends to hold about 80 events and then increase to around 200 events the following year. Red House estimates about $1.8 million in revenue in its first year of operation, with losses of about $370,000. The group plans to run as a for-profit and non-profit hybrid, using profitable shows to help fund arts shows.
Red House Entertainment was recommended as the group to run the theater on Feb. 20 by the Peekskill Paramount Committee. Led by Kurt Heitman, an Emmy Award-winning former TV producer and resident of Garrison, N.Y., Red House Entertainment was one of three groups that placed bids to control the theater.
A total of three bids for operation of the Paramount were made public in early February. The other two bids came from the Paramount Phoenix Group, led by Arne Paglia and Lincoln center jazz director Antonio Ciacca, and The Tarrytown Music Hall, which wanted to make the Paramount its second venue in the county.