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Geppi's Entertainment Museum Settles Rent Dispute Will Pay $600K By Year's End Date: 10/28/2008 |
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The Maryland Daily Record is reporting that Geppi?s Entertainment Museum, founded by Stephen A. Geppi CEO of Diamond Comic Distributors, has worked out an agreement with the Maryland Stadium Authority to pay off some $622,500 in unpaid rent by the end of the year. The museum is housed in the upper floors of Camden Station, adjacent to the Camden Yards stadium where the Baltimore Orioles play. Commenting on the agreement, Frederick W. Puddester, chairman of the stadium authority, told the Daily Record: ?The most important thing is the state is made completely whole and holds Geppi?s to all provisions of the contract.? When contacted by ICv2, Geppi characterized the situation as ?just an ongoing negotiation with the MSA (Maryland Stadium Authority).? The stadium authority has indeed reduced rents for its other tenants. In October of 2007 the MSA dropped a claim of $1.5 million owed by the Orioles, and in June of this year the MSA lowered the rent of the nonprofit Sports Legends Museum that occupies the floors below Geppi?s Entertainment Museum from $32,200 a month to $10,300, while forgiving the Sports Legend Museum a debt of $444,274 in back rent. According to the Daily Record both museums have suffered lower than projected attendance because of a decline in attendance at Orioles games and the construction of a nearby Hilton Convention Center Hotel. With the hotel finally open and the construction complete, attendance at both museums in Camden Station should improve. The MSA did not comment on any possible adjustment on the $28,899 monthly rent currently being charged to Geppi's Entertainment Museum. |
| Source: ICv2 |
