LOS ANGELES—Cirque du Soleil’s planned move into L.A.’s Kodak Theatre took a leap forward Wednesday with the City Council’s approval of a $30 million loan to help finance upgrades to the building that will meet the show's technical requirements.  

Under a 10-year arrangement, the Kodak will host the troupe for 368 performances a year. The city owns the theater, which is operated by CIM Group. Cirque du Soleil is contributing $50 million toward the $103.5 million project, and CIM will spend $20 million. In addition, officials plan to draw from a $350 million federal fund for economic development and job creation to make the project happen. CIM has told the city the show would create 858 jobs in entertainment, retail, and restaurants.

Read more at the Los Angeles Times.