BALTIMORE - Baltimore's spending panel is selling the Senator Theatre for $500,000, a $310,000 loss.
The Board of Estimates on Wednesday agreed to sell the historic theater, which opened in 1939, to its current operators. The city bought the Art Deco-style theater in 2009 for $810,000. Senator Theatre LLC, a company controlled by James Cusack and his daughter Kathleen Lyon, has leased the theater from the city since August 2010 and is now purchasing the theater.
Under the terms of the deal, Senator Theatre LLC will repay the $500,000 mortgage with 2 percent interest. The city is also lending Senator Theatre LLC $700,000, and the state is offering a $560,000 loan. The company has a separate $350,000 bank loan.
The theater is currently undergoing renovations projected to cost about $3 million.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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