Milton Theatre back on the market

The historic Milton Theatre is back on the market, and the group that previously owned the building is jumping at a chance to reacquire it.

The Milton Theatre's board of directors is soliciting the help of the community in raising money to purchase the Union Street building that has been vacant the last two years.

The Delaware Community Investment Corporation recently put the building back on the market for $300,000. That came as a surprise to the board, which has been working to negotiate a price to repurchase the building. Acting President Maryellen Davis said theater supporters have quickly banded together to check the status of pledges made over the last two years.

“We need to know if we have the support of the community,” she said. “Before we put an offer in, we need to know the money is there.”

So far, she said, the response has been encouraging. Since hearing the news, she said, many folks have increased their pledges since hearing the news. Davis set the fundraising mark at $375,000 because, she said, the building will require work after sitting empty for so long. She'd also like to have it inspected to dispel rumors that it has mold or isn't structurally sound. DCIC completed an environmental impact report on the building, she said, and it was found to have no problems.

By putting the building on the market, DCIC also opens the door for an outside buyer to purchase the property. Davis said she'd heard about other potential buyers in the past, but nothing has ever materialized.

The board is meeting this week to determine how much money it needs to have pledged before making an offer on the building, Davis said. No time table is in place for making an offer, but she said, “Surely very soon.”

DCIC is the consortium of banks that held the mortgage on the theater building before foreclosing on the property in 2009 after Milton Development Corp. defaulted on a loan of more than $1 million. A subsidiary of DCIC purchased the Milton Theatre and an adjacent family residence for $282,500 at sheriff sale in September 2010. The residence was sold in February 2011, but the theater remained on the market.

The building was taken off the market last year to complete the environmental study and engage in discussions with a potential buyer, Davis said. It has remained off the market since.

Davis said she is looking for pledges; once an offer is submitted and accepted, though, she said, the board will have 90 days to raise the funds.

To pledge money, go to www.miltontheatre.org and click on the treasure chest at the top of the page. For more information, call 302-684-3400 or email MDC110@verizon.net.