The new owner of the Penn Theater has reached an agreement with the organization that loaned money to purchase the property.
The Pittsburgh History and Landmarks Foundation recently announced that developer and Butler native Bryan Frenchak agreed to a preservation easement on the 1937 facility.
A preservation easement is a legal agreement with a property owner that places permanent, mutually agreed to restrictions to protect a historic structure from inappropriate alteration. Pittsburgh History and Landmarks Foundation provided $250,000 to the Redevelopment Authority of the City of Butler to purchase the theater years ago.
A signed agreement of sale for $65,000 and closure on the deal is expected sometime this month after Butler City Council took action to condemn the long vacant Penn Theater facility in October.
The post New Owner of Penn Theater Reaches Agreement with Local Foundation appeared first on ButlerRadio.com – Butler, PA.