Josh Dulaney, Staff Writer
Posted: 11/20/2011 06:09:52 PM PST

SAN BERNARDINO – The City Council, acting in its role as the Economic Development Agency board, will consider a lease agreement Monday with Regal Entertainment Group to redevelop the former CinemStar movie theater at Fourth and E streets.

CinemaStar vacated the theater in 2008, and redevelopment officials see Regal as a powerhouse theater operator that can attract other businesses to the area.

Under the proposed agreement, Regal will take over 14 of the 20 screens, with the remaining being run by the city and possibly turned into restaurants and meeting rooms.

The agreement calls for a 10-year lease with the entertainment company, with a series of options to renew, up to 34 years.

Base rent for the first 10 years will total $8.5 million, according to a staff report.

The up-front capital cost for the San Bernardino Economic Development Corp. is estimated to be $4.7 million, which is expected to be paid from available cash and replaced with a portion of tax credit financing.

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