City approves $700K loan for Senator Theatre

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A $700,000 loan to restore and add to the historic Senator Theatre was approved Wednesday by Baltimore‘s Board of Estimates.

The new operators of the theater, Kathleen Cusack and James “Buzz” Cusack, have been going through the process of being approved to renovate the historic property. They have also been looking to gain finances through state and city loans and federal and state historic tax credits.

The Board of Estimates also approved changes to the operators’ lease agreement with the city, which owns the property in Northeast Baltimore. The lease payments will change from $1 per month to $750 per month until a certificate of occupancy is issued for the additional theaters. Then rent will increase to $3,000 per month, with a 1 percent yearly increase.

The Cusacks, owners of Senator Limited Partnership, will contribute $400,000 to the $2.1 million project. They are also applying for $450,000 in federal and state historic tax credits, $500,000 in state loans, and a $100,000 state Community Legacy grant, according to a report filed by the Baltimore Development Corp.

For the grant, the city will hold a lien on James Cusack’s personal residence. The loan will be interest-only for the first nine months, and then principal and interest payments for 20 years at a 2 percent interest rate, according to the report.

If the Cusacks spend more than $1.9 million on capital improvements to the property within 18 months, $100,000 of the city loan will convert to a grant.

The Cusacks could not be reached for comment Wednesday.

The board approved the lease of the Senator Theatre in August 2010 to the Cusacks, who also own the Charles Theater.

Baltimore’s Commission for Historical and Architectural Preservation approved Tuesday the plans to preserve the theater, as well as add three screens and a wine bar to the site. The wine bar and three screens will be located in what is now retail space on the building’s north side. Originally, the Cusacks had said they would add one or two screens and a crepes shop.

The Senator Theatre is located at 5904 York Road. The building sits across from Belvedere Square and has a capacity of about 900. The two proposed additions would bring the seating to about 1,100. The Senator opened in 1939 and is listed on the National Register of Historic Places.