Broad Theater scheduled for sheriff sale
SOUDERTON >> Will someone ride in to save the day or is this the last scene for the Broad Theater?
The almost century-old theater is scheduled to go to sheriff sale on March 29, Souderton Borough officials said at council’s Jan. 9 meeting.
The borough filed for the sheriff sale because the theater still owes the municipality more than $450,000 of a $500,000 loan to the theater made with a state grant that was to be repaid to the borough so the municipality could use that money to help fund additional economic development projects, Borough Manager Mike Coll said.
The theater closed in 2006, according to Souderton Independent archives. Two years before that, new ownership had taken over following a 2004 sheriff sale.
Construction work on plans by current owners Broad Entertainment LP, including restoring the theater and adding two restaurants and meeting spaces, was begun, then stalled out prior to completion.
In 2015, two different sheriff sales were scheduled — one brought by Souderton Area School District for unpaid taxes and one by Univest Bank & Trust Company for unrepaid loans. In both cases, the sheriff sale was stopped.
This time, though, the sheriff sale is expected to happen, Charles Ebersole, one of the Broad Entertainment partners said.
The financial complications, including the death of Jeff Miller, another of the partners, makes the sheriff sale the best solution at this point, he said.
“That’s the cleanest way to go for everybody,” Ebersole said.
This is the exterior of the Broad Theater complex on Broad Street in Souderton.