The historic Gillioz Theatre in Springfield, Mo., is urging supporters to dig deep into their pockets to prevent a possible New Year’s Eve foreclosure, reported the Springfield News-Leader.
The Gillioz was built in 1926 on Route 66 near downtown. The Springfield Landmarks Preservation Trust guided a $10 million restoration and reopened the theater in 2006. However, the trust owes Guaranty Bank $3.5 million on a loan in which a payment hasn’t been made in more than two years.
Trust president Dave Roling hopes that enough donations will roll in to prevent a foreclosure sale scheduled for 2 p.m. Dec. 31.
Roling said one potential donor has offered to pick up more than half the amount if the Springfield community would step up and contribute.
Roling declined to say who the potential benefactor was. […]
Roling said he is still communicating with the bank and hopes Guaranty might accept a lower amount to halt the foreclosure.
He said he had no hard feelings toward Guaranty, noting “the bank has done its part” by carrying the loan for so long without foreclosing the properties.
Roling said the theater incurred almost $1 million in unexpected costs, and the recession depressed ticket sales.
Also, the state rejected $1 million in historic preservation tax credits that would have gone directly to the mortgage. Because of a deposit error by the trust, the state ruled that part of the renovations wasn’t by a nonprofit entity.
Donations can be mailed to Save the Gillioz, c/o Community Foundation of the Ozarks, 425 E. Trafficway, Springfield, MO 65806-1121. The Gillioz also has instructions on how to donate online here.