ORLANDO, Florida. – The Mad Cow Theater is leaving the building and preparing to bow out in May 2022.

The Orlando City Council will meet on Monday to approve the temporary lease relief agreement between the city, the community redevelopment agency and the Church Street staple, as it waits for the theater to vacate the retail space at details by May 31.

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The forbearance settlement agreement proposes to forgive the Orlando theater’s unpaid monthly fees and accrued interest over the past 60 months, according to the city’s schedule.

City officials said under the agreement, the city would cancel $121,742.40 of the theater’s sublease and $426,592.74 of its interest if the tenants vacate the space on the designated date. Alternatively, the city attorney’s office may “file a petition to evict and collect monies owed,” the agenda reads.

It comes after Mad Cow Theater reached a funding deal with Orlando’s ARC in 2011 and failed to repay some of the money loaned by the agency, amounting to $480,000 plus 5%. of interest.

On Oct. 20, 2021, the city sent a notice to the theater “giving them 10 days to comply with their rental agreement,” Samantha Holsten, a spokeswoman for the city of Orlando, said in an email.

After failing to make payment, a Lease and Equipment Termination Agreement was issued to Mad Cow management on November 2.

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Shortly after the Mad Cow Theater’s lease was terminated, the city expressed the possibility of Orlando Fringe taking over the space.

“The city has entered into initial discussions with Orlando Fringe to enter into a new lease agreement in the theater that will allow them to program and operate the theater space, making it available to a wide variety of performers and arts organizations,” Holsten said. “One of the biggest priorities of the city’s shared vision for downtown Orlando is to have a strong presence of cultural and artistic amenities in the urban core, as such we look forward to continue our efforts through partnerships with our local arts groups to enhance and support our local arts community and provide diverse artistic experiences.

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