Grahamauditorium.jpgSan Francisco Mayor Gavin Newsom on Wednesday lauded the approval of a new lease for the Bill Graham Civic Auditorium as an opportunity to “transform” the concert venue at no price to the city.

The Board of Supervisors approved the 20-year lease for local promoter, Berkeley-based Another Planet Entertainment, to operate the auditorium on Tuesday.

It includes two five-year options and a commitment by Another Planet to invest $10 million into the venue for acoustic and seating improvements, according to the mayor’s office.

“The lease and investment will transform the Bill Graham Civic Auditorium into a high-quality concert venue at no cost to the city and help revitalize our Civic Center by bringing more foot traffic and customers to the surrounding businesses,” Newsom said in a prepared statement.

With conventions in San Francisco moving to the Moscone Center, recent usage of the Bill Graham Civic Auditorium has declined and large shows have eschewed San Francisco for the HP Pavilion in San Jose or the Oracle Arena in Oakland, the mayor’s office said.

The lease also allows the city to use the auditorium for civic events several days a year.

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