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Souderton to put Broad Theater sale proceeds toward economic development

Written by John Ralston on . Posted in Uncategorized

Souderton to put Broad Theater sale proceeds toward economic development

SOUDERTON >> The exact uses for the money Souderton Borough gets from selling the Broad Theater property aren’t yet known, but the money will be set aside for economic development purposes, officials said at Souderton Borough Council’s Nov. 13 work session meeting.

The borough became the theater’s owner after previous owner Broad Entertainment LP defaulted on a $500,000 loan made to it through the borough using state grant money and there were no bidders on the property when it went to sheriff sale earlier this year.

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