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Council ratifies emergency tax payment to protect city lien on closed downtown theater
Summary
The council ratified Resolution 2026-02 to approve a tax payment the city made to maintain its security interest in the closed Eagle Theater at the North Point Complex; staff said the move protected a $340,000 subsidy and a $150,000 loan after refinancing and a bank delay, and noted the property owner, Pupil City LLC, is in bankruptcy.
The Streator City Council ratified an emergency payment of real-estate taxes intended to protect the city's security interest in the downtown theater redevelopment project.
City staff explained that the city previously provided redevelopment support that included a $340,000 direct subsidy and a $150,000 revolving loan. "There was an outright $340,000 payment that was made to…
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