A nonprofit interested in renovating the historic Lompoc Theatre scored a significant victory Tuesday when the Lompoc City Council approved an agreement to sell its $700,000 deed of trust for $1.
The sale will allow the Lompoc Theatre Project (LTP) to proceed with an uncontested foreclosure on the theater’s current owner, the Lompoc Housing and Community Development Corporation.
The foreclosure process is expected to take 90 days, according to LTP President Mark Herrier. Once it is complete, the LTP will own the theater and adjacent parking lot.
“For this entire century, our beloved theater has been involved in more drama and more plot twists and more cast of characters than any Shakespearean play or Wagnerian opera,” Herrier said.
Those plot twists are likely to end now, giving the LTP time to focus on its renovation efforts.
The LTP announced late last year that it would likely need at least $5 million, possibly $6 million with contingencies, to fund the restoration.
“We look forward to working with the community members who have indicated willingness to support us financially once we have the keys,” Herrier said. “And when that happens, when they are finally in our hands, we will invite the whole town and have a celebration in a spirit worthy of this victory.”
The restored theater will feature a number of new amenities, including dressing rooms, a scene dock, a green room, a VIP room and a multipurpose room capable of housing rehearsals, banquets and corporate events. There will also be efforts to renovate the façade and marquee.
For more information on the LTP and its efforts, visit lompoctheatre.org.