The Board of Directors is pleased to announce that the Academy of Magical Arts has entered into a long-term lease with our landlord, Magic Castle Park, LLC, for our tenancy at the Magic Castle and exclusive use of the adjacent parking lot.
The lease is for a term of twelve years and includes a great majority of the terms in our prior lease, which was on a month-to-month basis. The modifications to the existing lease lengthen the term to twelve years; include new rent amounts and annual adjustments; and permit the AMA to deduct from the rent certain amounts for capital improvements to the building.
The Board believes that this long-term lease, the first of its kind in the AMA’s history, provides us with unprecedented security in our right to continue occupying the Magic Castle; a predictable and affordable rent schedule; and the opportunity to invest in the building by way of upgrades and capital improvements. During the lease period, the AMA will continue to build a capital fund that can be used at a future date toward a longer term real estate solution.
The Board would like to thank the management, staff and membership for 54 years of support for the club. As a result of the lease, all club members can now look forward to enjoying many more years at the Magic Castle. President Randy Sinnott will discuss this further at the Founders’ Day celebration on January 2, 2017.