Su Teatro Debt Resolved
The local theater troupe Su Teatro will have their debt resolved in return for a promise to perform for eight more years. The group took out a Federal Housing and Urban Development loan of $1.5 Million dollars to renovate a vacant site on South Santa Fe Drive in 2009. They had planned on raising around $3.5 million and turning the site into a Cultural Events Center, but the economy collapsed. They haven’t made their monthly payment on the loan since May 1, 2010.
The group has been performing in the Denver Latino community for almost 40 years, and remains one of the few Latino theater groups in the nation. The city took this into consideration when Su Teatro came looking for help. Together, they came up with a plan to resolve the debt without forcing the community theater into bankruptcy.
The deal between the two takes the property, located on 215 South Santa Fe Drive, and sells it to the owners of Stranahan’s Whiskey at it’s market value of $770,000. The remainder of the debt is to be worked off as a performance loan from the city. As long as Su Teatro provides the same community services for another eight years, the debt will either have been worked off or paid off by the theater.
The theater will continue to own and operate out of their current space further down Santa Fe. The group took a nod from the then mayor John Hickenlooper to move to their current space and leave the Cultural Center project in transition. The problem was not where they had chosen to build, but when they had chosen to fundraise.