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Monday, March 21, 2005
What would become of EMP if the music dies?
What would happen to the swoopy, colorful Seattle Center landmark if the Experience Music Project shuts down?
If the museum closes before the lease is up -- which isn't until 2037 -- or if the lease is not renewed, Seattle Center spokesman Perry Cooper says the city would take ownership of the building, designed by legendary architect Frank Gehry. EMP can keep the contents.
In the case of bankruptcy, the city would still get the building, but its contents could be tied up in bankruptcy court while EMP and its creditors sort things out.
The city also could ask that the $240 million EMP building be dismantled or torn down. Cooper says this is not likely to happen, but that the clause is simply one that is put into the ground lease (when land owned by one party is leased by another party to build upon) to give the city flexibility on what to do with the EMP.
The museum's 40-year lease began when construction started in 1997. The lease (which includes an option to renew for two additional 10-year terms) started out at $301,963.20 per year and was adjusted for inflation to $350,514 in 2002. These adjustments, said Cooper, will be made every five years until the lease expires.
YOUR EMP VISIONS
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| Guillermo Munro / P-I | ||
If EMP shuts down (which would be sad), what would you like to see happen to the big chunk o’ color that has become part of our city’s landscape?
A complex of nightclubs? The coolest food court ever? What?
We asked readers that question -- and, boy, did they answer.
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