CHAMPAIGN — After closing abruptly in October and filing for bankruptcy, the Art Film Foundation has reached an agreement with its landlord over unpaid rent for the Art Theater.
David Kraft, who owns the property at 126 W. Church St., will get to keep the $4,000 security deposit from the foundation, as well as the right to the Art Theater name; the theater’s 248 seats, ticket desk and concession counter; and the 10-inch marquee letters and numbers, all of which he already owned.
He'll also get other inventory and equipment from the foundation, including the projectors, speakers and sound equipment, Kraft said.
Kraft had been seeking more than $9,900 in unpaid rent he said he was owed, plus 15 percent of rent for the six years left on the lease, which could’ve totaled about $60,000.
“As disappointed as I am, I am pleased that things worked out as we agreed when the lease was executed,” Kraft told The News-Gazette. “I am working diligently to secure the future of the theater. I will have further comment next week.”
The foundation’s attorney, Cristina Manuel, did not respond to a request for comment.
The Art Theater closed in late October and filed for bankruptcy Nov. 5.
In announcing the closing of the theater, Art Film Foundation interim Executive Director Rhiannon Bettivia said “the film industry is changing, and we will face systemic challenges that show no signs of abating.”