Streator City Council approved a $60K payment to cover past-due property taxes on the closed Eagle 6 Theater at North Point Plaza during their meeting on Wednesday night.

The theater closed late last year, and City Manager David Plyman said the tax payment was needed to protect the city’s lien after Beautiful City LLC, the company behind the theater, fell behind on its loan.

According to city documents, the city had previously provided $340K in redevelopment subsidies and a $150K loan for the project. About $96K remains owed on the loan.

City Manager David Plyman said foreclosure is likely once the borrower’s bankruptcy proceedings are resolved.

Essentially, if the city hadn’t paid the overdue taxes, it could have lost its legal claim to the property. By making the payment, the city now protects its investment and keeps control over what happens next.