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112-528: The mall opened in 1979 on a 36-acre site bounded by Mathilda Avenue, Washington Avenue, Sunnyvale Avenue, and Iowa Avenue and comprising most of Sunnyvale's downtown, except for one block of its main street, Murphy Avenue. The City Council took the decision to build the mall in June 1976; demolition began in 1977 and included Sunnyvale Plaza, a twenty-year-old retail development. After a campaign by local resident Fern Ohrt, six redwood and cedar trees that had surrounded

224-478: A dynamic pricing model for tickets for showings that occur after 4pm based on seat location. Seats located near the front of the theatre and select ADA seats will be priced less than other seats and will only be made available to members of the Stubs rewards program and seats in the middle of the theatre will be priced more than the other non-front row seats. In addition, AMC Stubs A-List members will be able to reserve

336-728: A "guest". By the 1980s, the company was experiencing strong growth; in 1983, it had its initial public offering . AMC Theatres built its first multiplex overseas in 1985, the 10-screen multiplex at The Point, Milton Keynes in the United Kingdom , and later opened additional sites in the UK such as in Dudley and Tamworth, Staffordshire . In October 1988, they announced a joint venture with United Artists Theaters and Cinema International Corporation (a partnership of Paramount Pictures and Universal Studios ) to run their combined cinemas in

448-474: A "significant" number of upcoming blockbuster films as signs of optimism. Aron also confirmed that Wanda no longer had majority control, and the company would now "be governed like most other publicly traded companies with a wide array of shareholders". In June 2021, retail investors once again poured into AMC stock, propelling shares to an all-time high of $ 77.26 in another alleged short squeeze. Short sellers betting against AMC incurred losses of over $ 2.8B as

560-672: A 0.002% stake with the SEC, largely confirming the end of their involvement in AMC. During its fourth-quarter earnings call in March 2021, the company reported that its revenue had fallen by 88% year-over-year. CEO Adam Aron stated that AMC was facing the "most challenging market conditions in the 100-year history of the company", but cited progress on COVID-19 vaccinations, decisions to allow cinemas in New York City and Los Angeles to re-open, and

672-567: A 20-day review period during which the Sunnyvale City Council evaluated the proposed ownership group. On December 10, 2015, the Council voted to acknowledge that the new ownership group met the necessary criteria, effectively allowing the sale to proceed. In July 2016, the city announced an updated agreement with the developers under which the project would be modified: high-rise residential, restaurant, and retail components and

784-555: A 700-seat theater. As the sites could not be combined, they opened two theaters side-by-side as the Parkway Twin Theatre in 1963. This was the company's first foray into using the multiplex model. According to Variety , Stanley Durwood later claimed in 1962 that he "was standing in the lobby of his 600-seat Roxy in Kansas City mulling over its poor grosses, when he realized he could double his box office by adding

896-429: A U.S.-based subsidiary of Wanda Group issued a filing with the SEC, stating that it had converted its Class B common stock to Class A shares to permit their sale. While Wanda remained AMC's largest single shareholder, the conversion, as well as AMC's financing efforts taking its stake below 37%, effectively surrendered its majority control since Class A stock only provides one vote per-share. On May 21, 2021, Wanda filed

1008-486: A bar service under the MacGuffins brand. These are primarily offered at AMC and AMC Dine-in locations, but some AMC Classic locations with liquor licenses offer their alcoholic beverages under this brand. Drinks can be ordered to be consumed in the bar and lounge area or taken into the theater. Some AMC Dine-in theaters have their MacGuffins set up as a full-service restaurant that can be accessed without having to pay for

1120-551: A change of control or ownership of a legal entity causes a reassessment of its real property as well as the real property of entities that it controls. The application to commercial and rental property can lead to an advantage and profit margin for incumbent individuals or corporations who purchased property at a time when prices were low. This is in contrast to the initial campaign, where Jarvis argued that lowering property tax rates would cause landlords to pass savings onto renters, who were upset at their rapidly rising rents driven by

1232-452: A change of ownership, such as when additions or new construction occur. The assessed value is also subject to reduction if the market value of the property declines below its assessed value, such as during a real estate slump. Reductions of property valuation were not provided for by Proposition 13 itself, but were made possible by the passage of Proposition 8 (Senate Constitutional Amendment No. 67) during 1978 that amended Proposition 13. Such

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1344-509: A consequence of Proposition 13, homeowners in California receive a property subsidy that increases the longer that they own their home. It has been described as a contributor to California's housing crisis , as its acquisition value system (where the assessed value of property is based on the date of its acquisition rather than current market value) incentivizes long-time homeowners to hold onto their properties rather than downsize , reducing

1456-545: A loan of $ 108.8 million from Wachovia Bank ; Wachovia was later acquired by Wells Fargo . By June 2009, with the mall demolished and Target having been replaced by a new store but the other new buildings incomplete, DSMU/DSR defaulted on the loan. Pau said that the decision to default was made by RREEF without his consent. After the default, Wells Fargo started foreclosure proceedings. A foreclosure auction in August 2011 attracted no bidders, so Wells Fargo took possession of

1568-433: A maximum of 2% per year until, and unless, the property has a change of ownership. At the time of the change in ownership the low assessed value may be reassessed to complete current market value that will produce a new base year value for the property, but future assessments are likewise restricted to the 2% annual maximum increase of the new base year value. The property may be reassessed under certain conditions other than

1680-413: A movie theater would be built, but some two-story retail buildings around Redwood Square, for which only the steel framing had been erected, would not be finished as originally planned. In September 2016, the new development team closed escrow and took possession of the project. The development was rebranded as CityLine Sunnyvale, and after the steel frames of the buildings around Redwood Square were removed,

1792-795: A nearly two to one margin. It was upheld by the Supreme Court in 1992 in Nordlinger v. Hahn , 505 U.S. 1 (1992). Proposition 13 is embodied in Article XIII A of the Constitution of the State of California . The proposition decreased property taxes by assessing values at their 1976 value, limiting the rate of taxation to 1% of the assessed value, and restricting annual increases of assessed value to an inflation factor, not to exceed 2% per year. It prohibits reassessment of

1904-440: A new base year value except in cases of (a) change in ownership, or (b) completion of new construction. These rules apply equally to all real estate, residential and commercial—whether owned by individuals or corporations. Significantly, the initiative also requires a two-thirds majority in both legislative houses for future increases of any state tax rates or amounts of revenue collected, including income tax rates. It also requires

2016-473: A real estate slump and downward reassessments occurred during 2009 when the California State Board of Equalization announced an estimated reduction of property tax base year values due to negative inflation . The property tax in California is an ad valorem tax meaning that the tax assessed generally increases and decreases with the value of the property. In the year after Proposition 13

2128-591: A result of California's population growth, continued growth in state and local government spending, increasing housing demand, government restrictions on new developments and inflation. Due to severe inflation during the 1970s, reassessments of residential property increased property taxes so much, that some retired people could no longer afford to remain in homes they had purchased long before. A 2006 study published in Law & Society Review supported this explanation, reporting that older voters, homeowners, and voters expecting

2240-448: A result. AMC issued more shares during the surge, but warned potential investors against buying the shares "unless you are prepared to incur the risk of losing all or a substantial portion of your investment". The cinema chain operator said it believed current prices reflected "market and trading dynamics unrelated to our underlying business". In the year to date, shares in AMC had soared 2,421% – despite its cinemas being largely shut during

2352-738: A second screen and still operate with the same size staff." Following the success of the Parkway Twin, AMC followed up with the Embassy 3 triplex at the Country Club Plaza ; the Metro Plaza, a four-screen theater in Kansas City in 1966; and a six-screen theater in Omaha in 1969. The industry quickly embraced the multiplex concept, where additional screens meant very little difference in staff and operating costs but resulted in

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2464-586: A shorter theatrical window of 17 days before Universal could release their films via premium VOD, as well as revenue sharing on the premium VOD window. On August 20, 2020, AMC began the process of reopening selected locations in the United States where allowed under local health orders. In honor of the company's centennial year, AMC also offered a special 15-cent ticket promotion that day, promoted as "Movies in 2020 at 1920 Prices." The company aimed for at least two thirds of its locations to be open in time for

2576-508: A significant profit increase. The concept also provided more film choices at one location, drawing bigger crowds. It also gave owners the flexibility to show big hits on more screens and less reliance on any individual film that could turn out to be a bust. Stanley renamed Durwood Theatres as American Royal Cinema on October 1, 1968, after the American Royal livestock and horse show, but the latter's producers sought an injunction, and

2688-462: A single calendar month. Manual adjustments would be made for purchases made within 30 calendar days from date of original purchase. As of March 29, 2012, AMC Stubs had 3.2 million members, which represents approximately 18% of AMC attendance during fiscal 2012. In July 2018, AMC Stubs was split into three programs that are currently still in-place: the free AMC Stubs Insider; the yearly fee-based AMC Stubs Premiere, which costs $ 15 annually and provides

2800-402: A slight positive fiscal impact, as opposed to the position that housing does not "pay its own way". The trade association argues that this is because new homes are assessed at the value when they are first sold. Additionally, due to the higher cost of new homes, the trade association claims that new residents are more affluent and may provide more sales tax revenues and use less social services of

2912-504: A sufficient number of signatures on a petition . Proposition 13 passed with roughly two-thirds of those who voted in favor and with the participation of around two-thirds of registered voters. After passage, it became article XIII A of the California Constitution. Under Proposition 13, the annual real estate tax on a parcel of property is limited to 1% of its assessed value. This "assessed value" may be increased only by

3024-409: A tax increase were more likely to vote for Proposition 13. Proposition 13 is not the only law in California designed to prevent tax-induced displacement. The California Tax Postponement Program, passed in 1977, ensures that “homeowners who are seniors, are blind, or have a disability to defer current-year property taxes on their principal residence if they meet certain criteria”. Another explanation

3136-543: A temporary park was created. The 12-screen AMC movie theater, announced in October 2017, opened in October 2020 together with a Whole Foods supermarket in the same building on the Sunnyvale Avenue edge of the site. In January 2019, Macy's announced that its Sunnyvale store, originally part of the mall, would close in March 2019 as part of a nationwide retrenchment. The store building had previously been sold;

3248-494: A two-thirds (2/3) majority in both legislative houses for future increases of any state tax rates or amounts of revenue collected, including income tax rates and sales tax rates. Proposition 13 also requires two-thirds (2/3) voter approval for cities, counties, and special districts to impose special taxes. In Altadena Library District v. Bloodgood , 192 Cal. App. 3d 585 (June 1987), the California Court of Appeal for

3360-407: A two-thirds majority in local elections for local governments wishing to increase special taxes. (A "special tax" is a tax devoted specifically to a purpose: e.g. homelessness or road repair; money that does not go into a general fund.) Proposition 13 has been described as California's most famous and influential ballot measure; it received enormous publicity throughout the United States. Passage of

3472-473: A vote of 53–47%, and instead passed Proposition 13 with nearly 65% of the vote. A Los Angeles Times article published shortly following the passage of Proposition 13 supported the latter interpretation, stating: AMC Theatres AMC Entertainment Holdings, Inc. ( doing business as AMC Theatres , originally an abbreviation for American Multi-Cinema ; often referred to simply as AMC and known in some countries as AMC Cinemas or AMC Multi-Cinemas )

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3584-508: A vote of the public". Among these purposes were community services, fringe benefits, and child care. For example, before 1978, the North Orange County Community College District levied a special tax on all property owners in the district which funded a comprehensive health care plan generous enough to amount to an overall 4% increase in compensation for all employees. By severely curtailing

3696-515: Is Proposition 13 drew its impetus from the 1971 and 1976 California Supreme Court rulings in Serrano v. Priest , which somewhat equalized California school funding by redistributing local property taxes from wealthy to poor school districts. According to this explanation, property owners in affluent districts perceived that the taxes they paid were no longer benefiting their local schools, and chose to cap their taxes. A problem with this explanation

3808-529: Is an American movie theater chain founded in Kansas City, Missouri , and now headquartered in Leawood, Kansas . It is the largest movie theater chain in the world. Founded in 1920, AMC has the largest share of the U.S. theater market ahead of Regal Cinemas and Cinemark Theatres . After acquiring Odeon Cinemas , UCI Cinemas , and Carmike Cinemas in 2016, it became the largest movie theater chain in

3920-517: Is that the Serrano decision and school finance equalization were popular among California voters. While Californians who voted for Proposition 13 were less likely than other voters to support school finance equalization, Proposition 13 supporters were not more likely to oppose the Serrano decision, and on average they were typically supportive of both the Serrano decision and of school finance equalization. A 2020 study by Joshua Mound published in

4032-411: Is true that California's government had grown. Between 1973 and 1977, California state and local government expenditures per $ 1,000 of personal income were 8.2% higher than the national norm. From 1949 to 1979, public sector employment in California outstripped employment growth in the private sector. By 1978, 14.7% of California's civilian work force were state and local government employees, almost double

4144-502: The Journal of Policy History challenged the idea that wealthy property owners' desire to cap their property taxes was the impetus for enacting Proposition 13, instead saying the "tax revolt" was rooted in lower and middle-income Americans' longstanding frustration with unfair and highly regressive tax distributions during the post-World War II decades. The study said pro-growth Kennedy-Johnson "Growth Liberals" cut federal income taxes in

4256-610: The California Legislative Analyst's Office found that property tax revenue to local governments was similarly volatile before and after the passage of Proposition 13. While Proposition 13 stabilized the base, prior to Proposition 13, governments would adjust the rate annually to counteract changes to the base. According to the California Building Industry Association , construction of a median priced house results in

4368-659: The Master Plan for Higher Education provided that junior colleges would be established within commuting distance of nearly all California residents, which required the founding of twenty-two new colleges on top of the sixty-four colleges already operating as of 1960. In 1967, the junior colleges were renamed " community colleges " and became part of the California Community Colleges system. Before Proposition 13, community college districts were able "to levy certain taxes for special purposes without

4480-767: The Ontario Mills 30, a 30-screen theater in Ontario, California , which at the time was the largest multiplex in the world. AMC Theatres' megaplex theatres were a success overseas as well. In April 1996, they opened Canal City 13 in Fukuoka, Japan , which was followed on December 20, 1996, by the AMC Arrábida 20 in Porto, Portugal . In January 2002, the 16-screen Great Northern theatre was opened in Manchester in

4592-538: The People's Initiative to Limit Property Taxation ) is an amendment of the Constitution of California enacted during 1978, by means of the initiative process, to cap property taxes and limit property reassessments to when the property changes ownership, and to require a 2/3 majority for tax increases in the state legislature. The initiative was approved by California voters in a primary election on June 6, 1978, by

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4704-592: The U.S. Air Force after World War II , he joined the company in 1945. He persuaded his father to build drive-in theaters in St. Joseph, Jefferson City, and Leavenworth. In 1947 they expanded further with the acquisition of the Liberty Theater in downtown Kansas City which they remodeled and renamed the Roxy. They won an antitrust suit to enable them to show first-run product at the Roxy and went on to acquire all of

4816-412: The 17th-highest per-capita (per-person) property tax revenue in the country at $ 1,559, up from 31st in 1996. In 2019, WalletHub applied California's statewide effective property tax rate of 0.77% to the state median home market value of $ 443,400; the annual property taxes of $ 3,414 on the median home value was the 9th-highest in the United States. Proposition 13 sets the assessed value of properties at

4928-505: The 2% cap only allowed a 67% increase in taxes on homes that were not sold during this 26-year period. A 1993 report from the joint University of California and State of California research program, California Policy Seminar (now the California Policy Research Center), said that a property tax system based on acquisition value links property tax liability to ability to pay and has a progressive impact on

5040-555: The 400 jobs to move across the Kansas/Missouri border. After reaching a settlement with the state of Illinois regarding complaints from a disability rights organization in April 2012, AMC pledged to equip all of its theaters in the state with captioning and description services by 2014. The disability rights group had accused the company of only providing closed captioning or audio description systems at some of its locations in

5152-476: The 50% mark in control in order to avoid a reassessment. The Legislature could close this loophole with a 2/3 vote. In 2018, the California Board of Equalization estimated that closing this loophole would raise up to $ 269 million annually in new tax revenue. There have been several legislative attempts to close the loophole, none of which have been successful. Proponents of split roll have said

5264-470: The AMC cinemas that were not part of the Loews Cineplex acquisition and therefore ticketed by MovieTickets.com , the website's surcharge was waived for MovieWatcher members. On April 1, 2011, AMC started a new rewards program known as AMC Stubs, which could be purchased for a fee of $ 12 for an entire year. For that initial fee, members would receive $ 5 on every $ 50 spent between the box office and

5376-522: The American junior college movement was launched in California when the state legislature authorized high schools to offer lower-division college-level coursework, thereby enabling more high school graduates to attempt such courses without having to move away for college. California was the proud leader of this movement, in that the United States went from zero junior colleges in 1900 to nineteen by 1915, of which eight were based in California. In 1960,

5488-891: The European chain. In 1995, AMC Theatres opened the first North American megaplex, the AMC Grand 24 in Dallas, Texas , a theater complex that could accommodate thousands. AMC continued to open other megaplex theaters, such as the AMC Hampton Towne Center 24 in Hampton, Virginia, and the chain's busiest theater in the US, the AMC Empire 25 in New York City near Times Square . On December 13, 1996, AMC opened

5600-472: The Second District determined that the two-thirds (2/3) voter approval requirement for special taxes under Proposition 13 applied to citizens initiatives . There are several theories of the origins of Proposition 13. The evidence for or against these accounts varies. One explanation is that older Californians with fixed incomes had increasing difficulty paying property taxes, which were rising as

5712-627: The September 3 release of Tenet . The company upgraded its air filtration systems to four times the rates before the pandemic and installed electrostatic sprayers in the auditoriums. In October 2020, the company reported that its existing cash resources "would be largely depleted by the end of 2020 or early 2021." On January 26, 2021, AMC stated that it had raised $ 917 million in new funding, including $ 506 million in equity and new common shares, and commitments for $ 411 million in debt financing. The company stated that this new funding "should allow

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5824-551: The U.K., marking the chain's return to the UK market after 14 years. This was later supplemented by the opening of a 12-screen cinema on the Broadway Plaza site in Birmingham in October 2003. AMC Theatres sometimes serve a dual function; in addition to the regular cinema functions, they also cater to companies' business conferences that can make use of their projectors for displaying presentations. In 2004, AMC Theatres

5936-455: The UK, Ireland under the AMC name, however, AMC pulled out of the joint venture in December 1988, and sold their U.K. assets, including their 12 cinemas, to the new entity (later called United Cinemas International ) for $ 98 million and withdrew from the UK market. In 1988, Kinepolis Brussels , the first megaplex in the world, with 25 screens and 7,600 seats, was opened by Kinepolis ,

6048-405: The United States through the end of 2026. Selected AMC locations offer premium screens and features for a higher ticket price, including premium large formats . AMC Entertainment Holdings Inc. invested $ 20 million in virtual-reality arcades and productions: $ 10 million to virtual reality entertainment company Dreamscape Immersive and another $ 10 million in a content fund. AMC Theatres created

6160-409: The ability of community college districts to levy property taxes, Proposition 13 shifted the state's contribution to community colleges from 38% to 78% of their revenue. During the early 1960s, there were several scandals in California involving county assessors . These assessors were found rewarding friends and allies with artificially low assessments, with tax bills to match. These scandals led to

6272-483: The announcement of its "AMC Preferred Equity Units" after market close, a new preferred share class. The units were to be listed on the New York Stock Exchange under the symbol "APE," a nod to the individual investors who turned the company into a meme stock , who often refer to themselves as "apes". Over 516 million APE units were subsequently issued to AMC shareholders in a 1:1 special dividend, with

6384-437: The balance of the housing market because it provides disincentives for selling property, in favor of remaining at the current property and modifying or transferring to family members to avoid a new, higher property tax assessment. Proposition 13 reduces property tax revenue for municipalities in California. They are forced to rely more on state funding and therefore may lose autonomy and control. The amount of taxes available to

6496-734: The closure of all of its theaters due to the COVID-19 pandemic , in compliance with CDC guidance against any gathering of over ten people. AMC said this shutdown would last for at least six to twelve weeks. On March 25, 2020, AMC furloughed all of its 600 corporate employees, including CEO Adam Aron. All furloughed corporate AMC employees and associates retained active employment status, including all health benefits. On April 28, 2020, AMC announced they would no longer carry films from Universal Pictures after NBCUniversal CEO Jeff Shell commented in The Wall Street Journal that

6608-447: The company in 1936 after being injured in an auto accident. Edward, the youngest brother, eventually changed his last name to Durwood, and the company they formed eventually became known as Durwood Theatres, after a legal fight with his brothers. The chain also had theaters in St. Joseph and Jefferson City, Missouri and Leavenworth and Topeka, Kansas . When Edward's son Stanley left

6720-439: The company is above 30%) that, even after reducing its ownership of AMC common stock to just under 50% by the end of 2019, Wanda Group continued to retain majority control over AMC's board of directors. In October 2019, AMC began to offer on-demand rentals and purchases of digital film releases under the banner AMC Theatres On Demand. The service is tied to the company's Stubs loyalty program. On March 18, 2020, AMC announced

6832-684: The company to make it through this dark coronavirus-impacted winter". The next day, as part of a wider series of short squeezes coordinated by the Reddit community r/wallstreetbets (which primarily targeted video game retailer GameStop ), AMC experienced a major, 300% surge in its share price to a peak of $ 20.36. The surge triggered Silver Lake Partners' convertible bonds ; on January 28, it reached an agreement to convert $ 600 million of its debt holdings in AMC to equity at $ 13.51 per-share. Mudrick Capital Management made nearly $ 200 million in profit off its holdings of AMC debt. On February 5, 2021,

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6944-415: The company's management to withdraw from such an offering on May 3, 2007. The company filed for a $ 450 million IPO in its third such filing since 2006 on July 14, 2010. Stanley Durwood died in 1999, and his successor was Peter Brown, the first non-Dubinsky/Durwood family member to head the company. Gerardo I. Lopez succeeded Brown as president and CEO of AMC Theatres on March 2, 2009. Previously, Lopez

7056-572: The concession stand at any AMC theater nationwide. AMC Stubs members also received a free size upgrade with every popcorn and drink they purchase (for example, an AMC Stubs member can get a large popcorn for the price of a regular). Other perks include birthday gifts and waived ticketing fees for online ticketing sites such as MovieTickets.com and Fandango and also online ticket purchases through AMC's own website and mobile app. Receipts or ticket stubs were required for manual adjustments. No more than four manual adjustments would be allowed per account in

7168-511: The current owner than to any potential buyer, so selling it often makes no economic sense. Owners of commercial real estate benefited under the original rules of Proposition 13: If a corporation owning commercial property (such as a shopping mall) was sold or merged, but the property stayed technically deeded to the corporation, ownership of the property could effectively have changed without triggering Proposition 13's reassessment provisions. These rules were subsequently changed; under current law,

7280-965: The developers submitted a proposal in August 2020 for a redesigned group of mixed-use buildings around Redwood Square, which is to become a one-acre park, and in January 2021 the first stage of this plan was approved, including replacement of the Macy's building with an office tower. The Town and Country Village retail buildings across Washington Avenue from the site were demolished by the end of April 2010 and in 2013–14 were replaced with mid-rise apartment buildings with ground-floor retail, developed by BRE and Carmel Properties. 37°22′33″N 122°01′54″W  /  37.37575°N 122.03166°W  / 37.37575; -122.03166 Proposition 13 Mayoral elections: Mayoral elections: Mayoral elections: Mayoral elections: Mayoral elections: Mayoral elections: Proposition 13 (officially named

7392-602: The downtown cinemas in Kansas City including The Empire Theater , the Capri Theatre , the Midland Theatre and the Paramount Theatre. In 1961, after Ed died, Stanley took control of Durwood Theatres, a small ten-theatre chain. With an interstate planned around Kansas City, Durwood looked to sites outside downtown and acquired two sites at a shopping center on Kansas City's Ward Parkway to build

7504-407: The election of Ronald Reagan . Another explanation that has been offered is that spending by California's government had increased dramatically during the years prior to 1978, and voters sought to limit further growth. The evidence supporting this explanation is limited, as there have been no studies relating Californians' views on the size and role of government to their views on Proposition 13. It

7616-531: The end of the year. This cost reduction would be accomplished by reducing operating hours, cutting staffing levels, and other measures. In September 2018, Silver Lake Partners made a $ 600 million investment in AMC Theatres, whose proceeds were used to repurchase approximately 32% of Wanda Group's class B common stock . However, the voting power of AMC's shares is structured in such a way (granting three votes per-share for each Class B share if its stake in

7728-521: The expensive middle seats at no additional charge. In July 2023 AMC chose to abandon dynamic pricing after testing showed that customers were still not likely to choose front-row seats despite their lower prices, with most customers still sitting in the middle of the theatre or other non-front seats despite the upcharge. This made AMC believe that this made their prices less competitive as competitors did not also adapt dynamic pricing. The company also stated that it would test seats that recline further back in

7840-520: The first Sunnyvale city hall and had been donations from residents were preserved in an open space at the center of the mall. The passage of Proposition 13 in 1978 reduced property taxes that the City of Sunnyvale had expected to use to pay off the bonds issued for construction of the Town Center, and also reduced interest rates paid by the developer. The fact that a third anchor tenant, J. C. Penney,

7952-504: The front rows that would potentially allow better views. On July 31, the company reported their highest single-week admissions revenue in company history due to the Barbenheimer craze. On September 6, AMC announced that it had planned to sell up 40 million shares. AMC patented cup holder armrests in 1981. AMC also introduced stadium-style seating. The seats are placed on risers so that each person has an unobstructed view of

8064-555: The high inflation of the 1970's. Most landlords did not do this, which became a motivating factor for rent control . Some businesses have exploited a property transfer loophole in Proposition 13 implementing statutes created by the California Legislature that define what constitutes a change in property ownership. To take advantage of this loophole, businesses only have to make sure that no partnership exceeds

8176-410: The highest brackets in the 1960s while local officials raised regressive state and local taxes, creating a "pocketbook squeeze" that made voters less likely to approve local levies and bonds, which eventually led to the passage of Proposition 13. The study said the tax revolt was not limited to white voters nor associated with rising conservatism associated with the collapse of the " New Deal order" and

8288-415: The host community. Others argue that the real reason for the claimed negative effects is lack of trust for elected officials to spend the public's money wisely. Business improvement districts are one means by which property owners have chosen to tax themselves for additional government services. Property owners find that these targeted levies are more palatable than general taxes. Proposition 13 alters

8400-440: The housing supply and raising housing prices. Section 1. (a) The maximum amount of any ad valorem tax on real property shall not exceed one percent (1%) of the full cash value of such property. The one percent (1%) tax to be collected by the counties and apportioned according to law to the districts within the counties. Proposition 13 declared property taxes were to be assessed their 1976 value and restricted annual increases of

8512-422: The initiative presaged a " taxpayer revolt " throughout the country that is sometimes thought to have contributed to the election of Ronald Reagan to the presidency during 1980. Of 30 anti-tax ballot measures that year, 13 passed. The proposition has been called the " third rail " (meaning "untouchable subject") of California politics, and it has generally been unpopular for lawmakers to attempt to change it. As

8624-417: The intent of Proposition 13 was to protect residential property taxes from spiking and say the broad application of Proposition 13 to commercial property is a loophole while opponents say voters deliberately sought to extend Proposition 13 protections to commercial property by rejecting a split roll measure promoted by then-Governor Jerry Brown , Proposition 8, in 1978 (on the same ballot as Proposition 13), by

8736-508: The majority of AMC's board of directors. Amid financial downturns caused by the COVID-19 lockdowns , in January 2021, Wanda's ownership was increasingly diluted due to new financing by AMC, as well as short squeezes that resulted in Silver Lake converting its $ 600 million debt holding to equity. In early-February 2021, Wanda converted its Class B shares to Class A shares , thus reducing its voting power to less than 50%. AMC Theatres

8848-408: The mall. DSMU and DSR were partnerships between Silicon Valley developer Peter Pau's Sand Hill Property Co. (which owned about 5%), and RREEF , a real-estate management business owned by Deutsche Bank (which owned the remaining 95%). DSMU/DSR's goal was to redevelop the mall into a high-end retail, residential and office development similar to San Jose's successful Santana Row . DSMU/DSR took out

8960-444: The most progressive in the United States, in part due to its high marginal income and capital gains rates. Since wealth is associated with ownership of "intangible" assets like stocks, bonds, or business equity, which are exempt from wealth taxes , ITEP says regressive state tax distributions that rely on property taxes on real property can worsen inequality, and that of all US states in 2018, California's tax code reduced inequality

9072-614: The most vocal and visible advocates of Proposition 13. Officially named the People's Initiative to Limit Property Taxation, and known popularly as the Jarvis-Gann Amendment, Proposition 13 was listed on the ballot through the California ballot initiative process, a provision of the California Constitution that allows a proposed law or constitutional amendment to be offered to voters if advocates collect

9184-480: The most. By comparing California over the period 1970 to 2000 with other states, (using data from the US Census Bureau , not state or county-level property records) Wasi and White (2005) estimated that Proposition 13 caused homeowners to increase the duration of time spent in a given home by 9% (1.04 years), and renters to increase their tenure by 18% (0.79 years). They also estimated that this effect

9296-518: The municipality in any given year largely depends on the number of property transfers taking place. Yet since existing property owners have an incentive to remain in their property and not sell, there are fewer property transfers under this type of property tax system. California also has high rates of migrants from other countries and states, which has contributed to more demand for housing, and it has low amounts of moderately priced housing. The different tax treatment can make real estate more valuable to

9408-401: The name was changed to American Multi-Cinema, Inc. Stanley began to apply military management and the insights of management science to revolutionize the movie theatre industry. As he later explained to Variety magazine, "We needed to define what our company was doing in the (exhibition) business. My dad wasn't that organized." It was structured under the belief that every customer was

9520-403: The now-defunct MovieWatcher program that rewarded frequent movie-goers similar to other rewards programs but featured innovative aspects. It was based on a points-per-movie-ticket-purchased system, with rewards varying from concessions to movie passes based on point-based level. However, points were limited to a maximum of four points per three-hour time period, which was equal to two tickets. For

9632-499: The pandemic. In August 2021, the company revealed plans to begin accepting cryptocurrencies such as Bitcoin for purchases in the future, which it did in November 2021 for online purchases via PayPal . In April 2022, AMC added integration with BitPay as a payment provider to its mobile app, allowing customers to use crypto payments such as Dogecoin and Shiba Inu . On August 4, 2022, AMC took Wall Street by surprise with

9744-444: The passage of Assembly Bill 80 (AB 80) in 1966, which imposed standards to hold assessments to market value. The return to market value in the wake of AB 80 could easily represent a mid-double-digit percentage increase in assessment for many homeowners. As a result, a large number of California homeowners experienced an immediate and drastic rise in valuation, simultaneous with rising tax rates on that assessed value, only to be told that

9856-467: The property itself. The bank then attempted to sell the land to another developer, but this attempt was thwarted by a lawsuit from Pau, and further development continued to be stymied by litigation between Pau and Wells Fargo. In May 2012, the City of Sunnyvale issued a press release accusing Pau of having filed "delaying lawsuits that have served little purpose other than to hold the project hostage", and claiming that "a nationally-recognized development team

9968-497: The proportion of the early 1950s. One example of the massive expansion of government in California in the decades before Proposition 13 was the rapid growth of public postsecondary education. In 1900, California had only a single public university at Berkeley, the University of California , and state normal schools which provided two-year teacher training programs at Chico, Los Angeles, San Diego, and San Francisco. In 1907,

10080-562: The residential units were all unfinished. The California Court of Appeals rejected Pau's two appeals in January and May 2015. Pau filed an appeal to the California Supreme Court , which declined to review the decision on August 12, 2015, effectively ending the litigation. On November 18, 2015, Wells Fargo announced that it intended to sell the mall to an ownership group made up of J.P. Morgan Asset Management, Sares Regis Group and Hunter Properties. That announcement triggered

10192-585: The same benefits as the original Stubs plus an expedited line at tickets and concessions; and the monthly fee-based AMC Stubs A-List, which includes up to 3 movie tickets a week to any film in any format for $ 19.95 to $ 23.95 a month, depending on the state the member plans to watch movies in. Discount Tuesdays is another feature every Tuesday for members to purchase tickets typically for just $ 6 to any film in most locations, with occasional exclusions, plus surcharges for premium formats such as 3D, IMAX, and Dolby Cinema, as well as special events. Some AMC locations have

10304-707: The screen. In 1995, they introduced "Love Seat" style seating with retractable armrests so that there can be no barrier between two seats. In July 1994, AMC signed an agreement with Sony to begin installing SDDS (Sony Dynamic Digital Sound) in auditoriums, and began upgrading selected older auditoriums in 2003. On March 26, 2009, AMC announced an agreement to convert 1,500 existing auditoriums to fully digital 3D screens using RealD technology. On March 30, 2009, they announced they would convert all 4,500 screens in their chain to 4K digital projectors provided by Sony. In April 2022, AMC also announced an agreement with Cinionic to install laser projectors at 3,500 of its screens in

10416-483: The second quarter of 2009 and completing in 2012. The company was formerly headquartered in downtown Kansas City. In September 2011, AMC Theatres announced plans to move its headquarters to a new $ 30 million four-story building designed by 360 Architecture in the Park Place development at 117th Street and Nall Avenue in Leawood, Kansas in suburban Kansas City . Kansas had offered $ 47 million in incentives to get

10528-909: The state. In May 2012, AMC Theatres was acquired by Chinese conglomerate Wanda Group , headquartered in Dalian , who paid $ 2.6 billion to acquire AMC's 5,048 screens in 347 theaters in the U.S. and Canada. The deal was finalized on September 4, 2012. The acquisition made Wanda the world's largest cinema chain. Wang Jianlin , CEO of Dalian Wanda Group, announced that the company would plan to spend $ 500 million renovating AMC locations. AMC Theatres had eight movie theatres in Canada. In July 2012, four locations were sold to Cineplex Entertainment , and two more locations were sold to Empire Theatres and later acquired by Landmark Cinemas . The two remaining locations have since closed. Gerardo I. Lopez announced his resignation as CEO of AMC in August 2015. Craig Ramsey

10640-567: The studio wanted to release films via premium video-on-demand simultaneously with theatrical releases. The company threatened that this will also be done with any other studio "who unilaterally abandons current windowing practices absent good faith negotiations between us, so that they as distributor and we as exhibitor both benefit and neither are hurt from such changes." On June 3, 2020, AMC stated that it had "substantial doubt" that it would remain in business. On July 28, 2020, AMC and Universal were able to resolve their dispute, with AMC agreeing to

10752-525: The tax structure, based on income. It said that a revenue-neutral Los Angeles County reform which raises all assessments to true market value and lowers the property tax rate would harm elderly and low-income households. The think tank Institute on Taxation and Economic Policy (ITEP) considers property tax caps like Proposition 13 poorly targeted and instead advocates "circuit breaker" caps or homestead exemptions to levy property taxes based on ability to pay; yet in 2018, ITEP ranked California's tax code as

10864-420: The tax to an inflation factor, not to exceed 2% per year. A reassessment of the property tax can only be made a) when the property ownership changes or b) there is construction done. The state has been given the responsibility of distributing the property tax revenues to local agencies. In addition to decreasing property taxes and changing the role of the state, Proposition 13 also contained language requiring

10976-419: The taxed monies would be redistributed to distant communities. Cynicism about the favoritism of the tax system towards the wealthy and well-connected persisted into the 1970s. The ensuing anger started to form into a backlash against property taxes which coalesced around Howard Jarvis , a former newspaperman and appliance manufacturer, turned taxpayer activist in retirement. Howard Jarvis and Paul Gann were

11088-449: The third highest tax burden as a proportion of state income (tax-per-capita divided by income-per-capita) of 12.4% ($ 3,300 tax per capita, inflation adjusted). By 2012, it had fallen slightly to the sixth highest rate, 10.9%, ($ 4,100 tax per capita, inflation adjusted). California has the highest marginal income and capital gains tax rate and is in the top ten highest corporate tax and sales tax rates nationally. In 2016, California had

11200-544: The time of purchase (known as an acquisition value system), with a possible 2% annual assessment increase. As a result, properties of equal value can have a great amount of variation in their assessed value, even if they are next to each other. The disparity grows when property prices appreciate by more than 2% a year. The Case–Shiller housing index shows prices in Los Angeles, San Diego, and San Francisco appreciated 170% from 1987 (the start of available data) to 2012 while

11312-452: The units wielding similar economic properties as common shares. AMC stock gained 19% to $ 22.18 at the close on Friday after initially falling following the announcement of the new units on Thursday. The preferred shares started trading under the "APE" ticker on the New York Stock Exchange starting Aug. 22. AMC CEO Adam Aron stated "We are making great strides on our path towards pandemic recovery". In February 2023 AMC announced plans to test

11424-575: The world. It has 2,807 screens in 353 European theatres and 7,755 screens in 593 American theatres. The company is listed on the New York Stock Exchange ; from 2012 to 2018, the Chinese conglomerate Wanda Group owned a majority stake in the company. Private equity firm Silver Lake Partners made a $ 600 million investment in AMC in September 2018, but the voting power of AMC shares was structured so that Wanda Group still controlled

11536-455: Was acquired by Marquee Holdings Inc., an investment vehicle controlled by affiliates of J.P. Morgan Partners, LLC , the private equity arm of JPMorgan Chase , and Apollo Global Management , a private investment firm. At the time, AMC was publicly traded on AMEX under the code AEN. In 2006, the company announced a new initial public offering (IPO) expected to be worth approximately $ 789 million; however, adverse market conditions convinced

11648-458: Was appointed as the interim CEO by the company board. In December 2015, AMC announced that Adam Aron would be the company's president and chief executive officer, as well as a member of the company's board of directors, beginning on January 4, 2016. In March 2016, AMC Theatres announced it would acquire competitor Carmike Cinemas . In July 2016, Carmike's management accepted a revised offer, pending regulatory and shareholder approval. The deal

11760-510: Was closed on December 25, 2016, making AMC the largest cinema chain in the United States. On March 1, 2017, AMC Theatres CEO Adam Aron stated that the company would rebrand Carmike Cinemas locations under the AMC name; smaller locations were rebranded under the new banner AMC Classic (which repurposes trademarks associated with Carmike). Aron also announced a plan to rebrand its kitchen-equipped theaters as AMC Dine-In. In July 2017, AMC Theatres announced they would cut $ 30 million in expenses by

11872-546: Was founded in 1920 by Maurice, William, Irvin, Edward, and Barney Dubinsky, sons of Russian Jewish immigrants Simon and Sarah Dubinsky. The Dubinsky brothers had been traveling the Midwest performing melodramas and tent shows with actress Jeanne Eagels . They purchased the Regent Theatre on 12th Street between Walnut and Grand in downtown Kansas City, Missouri . Maurice, the oldest brother, died in 1929, and Barney left

11984-465: Was largely untenanted except for the three anchor stores, Macy's, Penney's, and Target, and the city decided to replace it with a modern version of a traditional downtown, including stores, restaurants, a movie theater, and high-rise apartment buildings. Redwood Square was to be a central plaza incorporating the redwood trees. Finally, in 2007, new entities named "Downtown Sunnyvale Mixed Use LLC" (DSMU) and "Downtown Sunnyvale Residential LLC" (DSR) took over

12096-499: Was more pronounced in the coastal cities, with the increase in tenancy by owner-occupiers in the Bay Area being predicted at 28% (3.0 years), Los Angeles 21% (2.3 years), and Fresno 7% (0.77 years). They speculate that renters may have longer tenure due to less turnover of owner-occupied housing to move into. Other studies have found that increased tenure in renting can be attributed in part to rent control . A 2016 report from

12208-441: Was not obtained until 1992 further increased the city's difficulty in recouping the cost of the mall. Over the years, the development went through a series of owners who either defaulted on loans or were sued for breach of contract . During that time, the mall fell into decline with changing tastes of shoppers and the emergence of newer and larger competitors. By 2002, the mall, then known as WAVE (Walking and Village Entertainment),

12320-610: Was passed, property tax revenue to local governments declined by roughly 60% statewide. However, by 2003, the inflation adjusted property tax collected by local governments exceeded the pre-1978 levels, and has continued to increase. In 2009, the advocacy group Howard Jarvis Taxpayers Association estimated that Proposition 13 had reduced taxes paid by California taxpayers by an aggregate $ 528 billion. Other estimates show that Proposition 13 may not have reduced California's overall per-capita tax burden or State spending. The think tank Tax Foundation reported that in 1978, Californians had

12432-534: Was set to come in and finish the project in 2011 ... until the barrage of lawsuits blocked their entry". In February 2013, further appeals were filed by both Pau and Wells Fargo; Pau's attorney estimated that the appeals would delay resolution of the case by at least two years. By January 2015, apart from Target and Macy's the only active tenants on the site were Apple and Nokia , which had occupied new office space along Mathilda Avenue. The remaining retail and entertainment spaces were still under construction and

12544-563: Was the Executive Vice President of President Consumer Products Group, Seattle's Best Coffee , and Foodservice at Starbucks . Under new leadership, one of the first major announcements came in March of the same year; the company announced that it would equip 1,500 of its screens with Real D projectors. In the same month, AMC Theatres announced it had closed on a $ 315 million deal with Sony to replace all of its reel projectors with digital cinema projectors, starting in

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