City votes to sell Lompoc Theatre deed to nonprofit group - KSBY.com | San Luis Obispo and Santa Barbara Area News

City votes to sell Lompoc Theatre deed to nonprofit group

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After three years of legal issues, a local nonprofit is close to finally taking ownership of the old Lompoc Theatre thanks to Tuesday night's city council vote.

The Lompoc City Council voted to sell its $700,000 deed of trust on the theater to the Lompoc Theatre Project for just one dollar. This allows the nonprofit to foreclose on the current owner, Lompoc Housing and Community Development Corporation.

The nonprofit says it has spent 10 months getting approvals from government agencies to buy the deed.

"Every single time you renew an old theater, it revitalizes the downtown," said Mark Herrier, president of the Lompoc Theatre Project. "It creates jobs. New businesses come in. Restaurants. It becomes a focal point for the town and it is a Phoenix from the ashes."

Herrier says the nonprofit will own the theater and the nearby parking lot once the foreclosure is complete and back property taxes are paid. He says the group should have the keys to the building by the end of the year, and it will cost an estimated $6 million to restore and reopen the theater.

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