The Santa Barbara International Film Festival is taking over the vacant Fiesta Five Theatre

SANTA BARBARA, Calif. - The Santa Barbara International Film Festival (SBIFF) is reviving the just-closed Fiesta Five Theatre in downtown Santa Barbara with a $15-million renovation.

The agreement is in front of the City Council this afternoon at 2 p.m. in City Hall

The theatre is on city property at 916 State Street.

The agreement is a five-year lease with a 25-year renewal term.

Metropolitan Theatres was in the location until the end of September and discontinued its operation at that site.

A city report says, "SBIFF’s proposal entails a capital fundraising campaign that will support an
extensive renovation of the theatre to a state-of-the-art theatre complex."

The city says SBIFF brings significant income to the local economy annually with the acclaimed film festival generally held in late January and early February prior to the Oscar awards.

It also has an ongoing commitment to children with several programs, educational opportunities, film camp, and overall teaching of the craft involved in making movies.

With this agreement, the SBIFF would play a key role in the revitalization of the downtown in the State Street corridor.

The plan includes a $15,000,000 fundraising campaign, of which the entire amount will be used for renovation and longterm property maintenance.

That includes a state-of-the-art sound and projection equipment, new seating, a new HVAC system, an art gallery, new restroom facilities, an updated lobby, and a refurbished marquee.

The rent will have some deferred payments in the start up period according to the city documents on this agreement below:

 Base Rent:
 Year 1: (deferment period as stated above) $16,500
 Years 2 and 3: $18,500
 Years 4 and 5: $20,500
 Years 6 through and including 10: $25,000
 Years 11 through and including 15: $30,000
 Years 16 through and including 20: $35,000
 Years 21 through and including 25: $40,000
 Years 26 through and including 30: $45,000
 Base Rent Increases: CPI adjustment upwards only every three years on
January 1 as needed to reflect changes in the CPI.
 Percentage Rent: Beginning in the renewal period, 5% of concession receipts
after the $800,000 revenue mark is hit in the calendar year.
 Monthly Utilities: Tenant’s full responsibility.

Lease terms contain a unique provision of SBIFF offering free or low charge community
benefit programming and adding new entertainment and educational programs that
highlight local artists and filmmakers. This impact to the community goes beyond dollars
and cents that a traditional lease offers.


A full copy of the Lease Agreement and the Revocable License Agreement may be requested
from the City Attorney’s Office for public review. Contact: JDoimas@SantaBarbaraCa.gov.

(More details, video an photos will be added here later today.)