Members and directors of the Lompoc Theatre Project are thrilled to announce that the theater property entered escrow on May 12.
On May 6, the Lompoc City Council approved a memorandum of understanding with the Lompoc Theatre Project, clearing the way for the nonprofit to gain title.
The MoU details the steps and timeline by which the Lompoc Theatre Project will restore and reopen the historic theater.
The property — including the theater and commercial office space — is still owned by Lompoc Housing and Community Development Corporation. LHCDC purchased the theater building in 2006, but began shutting down its operations in 2011.
The escrow process between the Lompoc Theatre Project and LHCDC will provide for the resolution of liens, property insurance and unpaid property taxes.
“Getting the MOU approved and opening escrow is a huge step forward for us and the theater,” LTP board member Mark Herrier said. “There will be many, many more steps to come, but without this one, no further progress would be possible. We are very excited and prepared to handle all that lies ahead of us.”
The company engaged for the process is First American Title at 100 South H St. in Lompoc.
The mission of the Lompoc Theatre Project, 501(c)(3) nonprofit organization founded in October 2012, is to restore, reopen and operate the historic Lompoc Theatre as a venue for arts and entertainment, culture and education and for the community and tourists.
— Laurie Jervis is the secretary for the Lompoc Theatre Project.