The Region - News from April 22, 1986

Foreclosure proceedings were ordered on downtown’s financially troubled Variety Arts Theatre by the Los Angeles Community Redevelopment Agency. The action could result in the CRA owning the Figueroa Street facility, which specializes in the revival of vaudeville-type acts and houses one of the nation’s largest collections of burlesque and vaudeville scripts. With expenses far outstripping income from poor patronage, CRA officials said the venue can no longer meet its basic operating costs. The agency holds an $805,000 trust deed on the building and has provided other assistance as part of its effort to attract Central City visitors. The CRA commission also approved a $175,000 loan to keep the historic theater operating for 90 days while the operators seek a buyer. CRA officials hope the theater activities can be consolidated and part of the building converted to office space.