Vital Express has asked the College of the Canyons Foundation to terminate its $2 million sponsorship and naming rights agreement for the college’s performing arts center.
The foundation’s Executive Committee voted unanimously today to forward a letter of request to dissolve the pact, as well as a recommendation for termination, to the Santa Clarita Community College District Board of Trustees for action, and to the full College of the Canyons Foundation Board of Directors for ratification.
Citing a changing business climate, unanticipated business costs and a revision of its business plan, Vital Express owners Lisa and Dan Boaz said they regret having to pull out of the agreement, but loyalty to their business and employees dictated the move.
"I think of everything Lisa and Dan Boaz have done for us over such a short amount of time, and I am amazed," said Dr. Dianne Van Hook, the college’s superintendent-president. "The college district was honored by the courage it took for these entrepreneurs to step up and help the college for all the right reasons at a time when the college really needed someone like them — to raise the bar on philanthropy in this valley — and to give it their best shot.
"The nature of the world we live in requires all of us to manage change on a frequent basis, and nowhere is change occurring faster than in the business world," Van Hook said. "The Boazes have made the best decision for themselves, their employees and their company, and all of us associated with the college thank them for their efforts and wish them the best."
Termination of the agreement will have no impact on the operation of the performing arts center. Shows will continue as scheduled, and the college is currently putting together next season’s performances.
During the agreement, Vital Express completed $74,359 in payments to an endowment fund for the center. Vital Express said when the letter of termination is accepted, it will remit an additional $25,641, bringing the total to $100,000.
The center will now be called the College of the Canyons Center for Performing Arts.
"We expect that other donors will step forward in the near future to take advantage of the opportunity to attach another name to the facility, helping us complete the endowment fund we have set up to support performing arts education and fine programming in the center," said Kathleen Maloney, executive director of the COC Foundation.
Potential donors should contact the College of the Canyons Foundation at (661) 362-3493 for complete details on this and other naming opportunities in the center.