The Weber County Heritage Foundation has made its second $100,000 payment on Ogden's old Egyptian Theatre through a loan from the city.
Foundation members are now hoping a loan from the National Trust for Historic Preservation in Washington, D.C., will come through so they can pay back the city.The old movie palace was saved from the wrecking ball last month after the foundation stepped in to purchase the building for $250,000 from Dr. Ray Broadbent, a Salt Lake plastic surgeon.
Broadbent had been trying to sell the old building for nearly two years and was seeking a demolition permit when the city came forward and offered the foundation a loan. The group still owes the doctor $50,000, which is scheduled to be paid over the next few years.
The city of Ogden didn't have the $100,000 to lend the foundation so the council accepted a $200,000 line of credit from the Ogden Industrial Development Corp. to meet the second payment.
Former Mayor A. Stephen Dirks set up the deal last month. He said papers were drawn up so Broadbent would get his money.
In exchange for the credit, the city agreed to put up 45 acres of unimproved industrial property as collateral to the private business group.
The Heritage Foundation owes the city $130,000 for the purchase, and an additional $1.8 million is needed to renovate the theater. Foundation members are hoping to raise the money through fund-raisers.
The city loaned the foundation $30,000 to meet the first payment after $70,000 was raised through private donations.
City Manager Cowles Mallory had told the council that the land where the theater sits is worth at least $250,000, so if the foundation defaulted on its loan and the city got stuck with the property, the city could always sell it.
The theater opened its doors in June 1924 and has become a downtown Ogden landmark. The building was designed with an Egyptian theme after the discovery of King Tut's tomb.