Foreclosure of Hornell Cinemas Moves Forward

by San Antonio Attorney

The foreclosure of Hornell Cinemas is going to proceed according to Mayor Shawn Hogan. This is good news for an investor who wishes to purchase the movie theater and re-open it.

The former cinema owner Chris Croston closed down the cinemas last year. Croston said that a unstable local economy and lack of support from customers drove them to close down. His statement infuriated city officials and area economic development leaders.

The cinemas could not pay property taxes and loans from banks. These can cause some problems for the new owner of the building.

Hornell officials have made efforts to help the cinemas reopen, and Hogan has provided updates on acquisition inquiries and relevant developments. According to the mayor, there is a serious buyer for the 191 Main St. property, and though the person has not been identified yet, this individual looks like the main candidate to acquire the property. He believes a foreclosure and sale will eliminate the stumbling-blocks to the reopening of the cinema. So far, there have been no oppositions to the foreclosure process.

Mayor Hogan expects to have a signed order from the court today. Once it comes, there will be a 30-day notice period to find a buyer for the property. The mayor hopes that the property will be sold to the interested buyer by October.

Once the foreclosure sale is done, the title of the property will be cleared. That is important because besides the price, most experts say the business will have to spend a lot for a new digital technology, and other upgrades.

Hornell is the only movie theater in the city. The interested buyer wanted to negotiate a sale but it was not possible because there were many liens on the property.

Hogan said the prospective buyer is not a local resident, but he is experienced in this kind of business.

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