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to preserve the property, as he considered it an historic
treasure. The Redwood City Fox had been placed on the Historic
Resources Inventory of Redwood City in 1976, and, while not
legally protected, he believed there would be a public outcry if
he demolished the building.
Jacobs decided to donate the Redwood City Fox to an
organization that would use the theater as a community resource
and preserve it from demolition. After investigation, Jacobs
selected the Palo Alto Players, Inc. (the Players), a California
nonprofit corporation, to receive the Redwood City Fox as a gift.
The Players is a community-based dramatic arts organization that
qualified at all times relevant to these cases as a section
501(c)(3) exempt organization. The Players is based in Palo
Alto, a community 10 miles to the south of Redwood City. At the
time of the gift, Jacobs communicated his intention to place the
Redwood City Fox on the local, State, and National Register of
Historic Places.
The donation of the Redwood City Fox and associated personal
property to the Players was accepted by the Players' Board of
Directors on December 22, 1986, by corporate resolution. The
gift was accomplished by an agreement (Agreement) executed by
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