Financing sought to re-open theater in San Bernardino

posted by CSWalczak on September 3, 2009 at 7:43 am

SAN BERNARDINO, CA — The city council has approved a loan application to The U.S. Department of Housing and Urban Development to enable Maya Cinemas to re-open the 20-screen multiplex in downtown San Bernardino, CA formerly operated by CinemaStar. The plan would remodel the facility and add an IMAX screen.

In April, a City Council majority voted to let the EDA apply to the U.S. Department of Housing and Urban Development to borrow $9 million to finance Maya Cinemas' project.

The money would have been borrowed against San Bernardino’s future allotments of Community Development Block Grants in what’s called a Section 108 loan.

In May, the council voted to extend the deadline for Maya Cinemas to complete the first phase of its project to Dec. 31.

Read the story here in the San Bernardino County Sun.