City waives $425,000 in rental debt, allows Mad Cow Theatre to exit in May

City of Orlando officials waived over $425,000 in accumulated rental debt and interest for Mad Cow Theatre this week and will allow the company to set the terms of its exit.

The matter came before the Orlando City Council during its regular meeting on Monday, February 21. With the approval, approximately $426,592.74 in accumulated debt will be taken off the books.

According to city records, the space, which is located at 54 W Church Street and is part of the 55 West retail space, has been subleased to Mad Cow Theatre, Inc. since 2011. In October of last year, the city issued a notice of default of the sublease for failure to pay the sums due under the agreement. In addition, Mad Cow entered into a Funding Agreement with the CRA for $480,000.

As part of that agreement, Mad Cow was required to reimburse the CRA the total with an additional five percent interest, or $504,000.

To date, the business has made contributions totaling just over $53,000. The business disputes that it owes the payments under the sublease and funding agreement.

According to the city, “in an effort to amicably settle the dispute,” officials have negotiated a settlement agreement in which Mad Cow has agreed to vacate the building by May 31 in exchange for forgiveness of the debt owed.

The settlement agreement also requires that Mad Cow leave certain property and equipment so that the premises can continue to be operated as a performing arts space under a new operator, according to city records.

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