The Independent Film & Television Alliance announced today that the American Film Market will remain in Santa Monica through 2017.
The Santa Monica Convention & Visitors Bureau estimate the new contract will bring more than $100 million spending into Santa Monica over the next five years.
Next year had been the final year in the contract between Loews Santa Monica Hotel and AFM to be the host venue of the annual event.
SMCVB President/CEO Misti Kerns said she was thrilled the decision had swung in Santa Monica's favor.
"We knew that there was going to be a board of directors meeting for the American Film Market today, but the outcome we weren’t certain if we would know an answer today," Kerns said. "I think that it is a pump to the economy that we are anxious to receive."
She said AFM's new contract would certainly help the city forecast positive economic growth over the next five year period in October, which is typically an off-season time of the year.
"This is great news for Santa Monica and the Westside," said Santa Monica Mayor, Richard Bloom. "Santa Monica is a culture-centric community and AFM brings another level of international visibility to our creative industry while contributing an estimated $20 million and many good jobs to our local economy every year."
Santa Monica will be transformed by a variety of public improvements and development projects that will significantly enhance the American Film Market in years to come, including:
· AMC Entertainment is developing a new Santa Monica cinema complex with 12 screens, including an IMAX theater. It is anticipated to open in late 2014 or early 2015.
· The Santa Monica Civic Auditorium will be rehabilitated and expanded, providing AFM with an ideal venue for red-carpet premieres. Expected to be completed in late 2014, the renovated auditorium will include a removable seating system that can accommodate more than 2,000 or create an open space for large events.
· At least 500 new hotel rooms will be added to the downtown area, including mid-priced hotels from Marriott and Hampton Inn.
· A light Metro Rail terminal at Fourth Street and Colorado Avenue, a five-minute walk from the Loews, will connect Santa Monica to Los Angeles and Hollywood. Dubbed the "subway to the sea," it is expected to be operational in 2015.
· A stunning seven-acre park on Ocean Avenue directly across from the Loews Hotel is scheduled for completion in late 2013, along with an adjoining new mixed-use urban village with restaurants and shops eyed for 2014.
Confirmed dates for AFM in Santa Monica are:
October 31 - November 7, 2012
November 6 - 13, 2013
November 5 - 12, 2014
November 4 - 11, 2015
November 2 - 9, 2016
November 1 - 8, 2017
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