Live Nation and A.E.G. Live, the world's biggest concert promoters, are among the companies that hope to restore and manage the Landmark Loew's Jersey Theatre in Jersey City, city officials tell The Jersey Journal.

The two are among four bidders for the controversial project, which Mayor Steve Fulop thinks will help revitalize the Journal Square section of Jersey City, which the Loew's has called home for 85 years.

Ace Theatrical Group, which is restoring the Loew's Kings Theater in Brooklyn, and Catch Holdings are the other two firms hoping to transform the former movie palace into a world-class entertainment venue.

"The restoration of the Loew's Theatre is one of the most important projects we are undertaking as an administration, as it is both central to the revitalization of Journal Square and the expansion of our cultural arts community," Fulop said in a statement released by his spokeswoman.

Each bidder plans to partner with smaller groups - such as Newark's New Jersey Performance Arts Center, Mana Fine Arts in Jersey City and New Jersey City University - to create a community programming component.

Mana Fine Arts, which is partnering with A.E.G., is part of the Moishe Mana empire. Companies controlled by Mana donated at least $2,125 in 2010 and 2011 to Fulop's mayoral bid.

The legendary 3,000-seat theater opened in 1929, and for decades featured live entertainment and movie showings. Its doors shut in 1986 after years of declining attendance.

In 1993, the city agreed to purchase the theater, saving it from demolition, and the facility remains city property. Since then, it has been the location of performances by local theatrical and music groups, as well as regular old-movie showings.

The Friends of the Loew's (FOL), a nonprofit group that handles most the theater's programming, is suing the city over Fulop's plan to bring in new management. FOL claims the city has breached its contract with the FOL, while Fulop argues that the theater needs new blood to help it succeed. The two sides are due to meet in court next week.

FOL has rented the space from the city for a nominal $1 annually, though the city contends the lease FOL had with the city is no longer valid.

The city is creating a seven-member committee to review the four proposals. Its members include Bob Sommer, the mayor's communications guru and a former Prudential Center executive; Brian Platt, a mayoral aide; City Councilwoman Diane Coleman; Mike McNamara, president of Fourth Street Arts; local public school arts teacher Heidi Curko and; and Romana Jaroff, a Jersey City resident and a top executive with IMG Artists.

Rich Boggiano, who represents Journal Square on the City Council, is miffed he wasn't included in the committee.

"This is a top-secret administration," said Boggiano, who has a chilly relationship with Fulop. "This should have Ward C council member's involvement, no one else ... I've just about had it with them."

FOL wouldn't be entirely shut out of the process if the city goes ahead with its plan. The theater's new managers would be required to set aside 20 days per year for FOL programming.