LOS ANGELES (CBSLA.com) — The company that manages the Greek Theatre hailed a decision to reject a recommendation to turn over management of the venue to another company as being “in the best interest of the City.”

The 4-1 decision by the Arts, Parks, Health, Aging and River Committee will now go to the full City Council for consideration. If the council concurs with the committee, the issue will be sent back to the parks commission for further discussion.

Nederlander was in danger of losing its contract after operating the outdoor concert venue for the past 39 years. The Recreation and Parks Commission in October backed Live Nation Worldwide’s bid proposal, which scored higher than Nederlander’s.

Supporters of Nederlander packed the committee meeting at City Hall to urge city leaders to delay or reject the parks commission’s recommendation. Nederlander has argued that its package promises $17.5 million in rent revenue — the only dollars guaranteed to go to the city. Live Nation’s proposal included more money for improvements to the facility, and offered $25 million in the first year of the contract, while

Some residents said they do not trust Live Nation to be sensitive to the traffic and noise annoyances that concert-goers create, with one saying the city should hand out Ambien, a sleeping pill, to residents if Live Nation is chosen.

In a statement, Nederlander said they were pleased that their proposal was recognized by the committee.

“With the support of over 30,000 individuals from the community who signed our petition, another 4,500 who signed supporter cards and 12 Neighborhood Councils, representing roughly 240,000 Angelenos, that passed resolutions, the evidence is overwhelming that the Nederlander/AEG Live proposal is in the best interest of the City and the right choice for the future of the iconic Greek,” the company said in a statement.

Live Nation’s venues in Los Angeles include the Wiltern and the Hollywood Palladium. The company also ran the recent Made in America Festival at Grand Park in downtown Los Angeles.

Nederlander operates the Pantages Theatre and the City National Grove of Anaheim.

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