UTCA Granted Extension On Purchase Of Uptown Theatre
CHICAGO, IL — The Uptown Theatre and Center for the Arts has been granted an extension on their $2.5 million purchase agreement for the Uptown Theatre. The following letter was sent in from the UTCA and is written by CEO Mark Zipperer:
As you are likely aware, today marks the expiration of the agreement we entered into for the … purchase of the historic Uptown Theatre. In the purchase agreement, our not-for-profit organization, the Uptown Theatre and Center for the Arts (UTCA), agreed to pay the current owner of the Theatre $2.5 million dollars.
We made a down payment of $250K and agreed to purchase the property in 120 days. Yesterday, on behalf of the UTCA, I signed an agreement with the owner of the theatre to extend our deadline to October 21. … We still do not have the funds to complete the purchase.
Our staff, board, volunteers, supporters, and community leaders remain hopeful that we can make this happen in the not-too-distant future. I ask you not to lose faith in our endeavor. We’ve accomplished much in a short period of time.
For the full text of the letter and additional press release, please visit our Uptown Theatre page’s comments section