A couple of things...
I don't want to be misread too much here. I'm a very long way from "warm" on the idea of paying 10% gross sales. I just don't dislike it as much as other folks. More importantly, it's just one aspect of a proposal I'm trying to sort through on which negotiation has not even begun. So, I want to hear thoughts on the 10%, but please don't assume that that means I like it. For what it's worth, I'd MUCH rather pay the $10k and a higher percentage of profit. Obvious, right?
Now, the reason the current tenant (a theater chain) is paying month-to-month is that it's opened two other first-run theaters that compete directly with this one. They've been in this space for around 15 years, but it's a white elephant for them now. In any case, month-to-month is a recent thing with this tenant. I can't imagine they had any illusions about keeping this place going once they built the other two locations.
I hope that's all fairly clear. Man, I want to hear the hard news from y'all, but please don't assume if I say one thing that it means something else. I know I can bore y'all enough without having to repeat myself.
On oversaturation, etc., I don't see that as a problem in this market. This is as good a movie town as you'll find anywhere, and folks are great about supporting second-run here. My biggest concern as far as all that goes is that I'd rather have this place in a neighborhood instead of downtown.
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