If Maya does get those credits, “we would go into high gear to get construction drawings approved by the city and work with banks for construction loans,” Esparza said.
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Moctesuma is very savvy, very experienced as to how to get those tax credits.” “We feel pretty confident he will get those,” Pelser said. “And that’s the way it goes.”Īnother round of tax-credit allocations is expected in May or June. But when the Treasury Department announced its awards in May, which totaled $3.5 billion, “neither got an allocation,” Esparza said. Both, Esparza said, have had good track records in getting allocations. In the 2019 round, two community development entities had agreed to fund Maya. “We couldn’t apply until we had a final contract,” Esparza said, “and the timing was such that we weren’t eligible for the 2018 cycle.” However, the deal’s August 2018 approval came weeks after that year’s New Market tax credits had been allocated.
That contract was key because it shows investors that the project is ready to go. “It won’t be in escrow until a financing package is in place.” “The sale of the property has been approved,” Deputy City Manager Kirk Pelser explained to me. Treasury Department allocates it to qualified applicants known as community development entities, which then fund favored projects.Ī disposition and development agreement with Pomona lays out the terms for Maya to buy city-owned property bounded by Second, Third and Main streets and Park Avenue for $1.9 million. Congress sets the amount each year and the U.S. “Since we began talking to the city, we’ve opened two theaters,” Esparza noted.Īll his theaters have relied on federal New Market tax credits, which give a tax break to investors who finance projects in low-income communities. It’s added theaters in Delano and North Las Vegas. In 2016, when Esparza approached Pomona, Maya was operating in Salinas, Bakersfield, Fresno and Pittsburg. That’s a long drought for a city of 160,000. The last downtown theater, the Fox, stopped showing new movies in 1976. Pomona’s last first-run theater, Indian Hill Cinemas, closed in 2005. Maya’s first theater, in Salinas, opened in 2003.
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He started Maya in 2000, seeing a market in the heart of working-class communities for movie theaters that had largely dispersed to glitzy developments on the edges of towns.
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