In further progress toward a new lease agreement, leaders of the Philadelphia Orchestra Association and Kimmel Center Inc. have signed an amendment to their existing lease that reduces the base rent, a Kimmel spokeswoman said. The new terms were not entirely clear; a copy of the amendment was not filed in U.S. Bankruptcy Court as of Monday evening. Details are expected in the orchestra’s forthcoming reorganization plan.
According to a statement released by both groups, the deal calls for a reduction in the rent the orchestra pays to the Kimmel, from about $2.5 million to $1.5 million annually. The rent will increase each year through 2017, to $1.74 million. Starting in 2018, the Kimmel will have the option of collecting an increased base rent or 16 percent of ticket revenues from orchestra concerts in Verizon Hall.