City council balks at buying former Paramount Theatre

Despite pleas from the finance director, city council members don’t see why the city should buy the dilapidated former Paramount Theatre.

And some members of council asked Finance Director David Bozanich why they weren’t told till today about a side-deal with the owner of the former theater.

Bozanich recommends city council approve purchasing the long-vacant theater on the northeast corner of West Federal and North Hazel streets for $80,000.

Louis Frangos of Cleveland bought the 92-year-old building for $79,900 in April 2006, and has said he spent about $80,000 on the building.

As part of the Paramount deal, Frangos would give the city a small amount of property he owns on the southwest corner of a parking lot on North Hazel and Commerce streets at no cost, Bozanich said.

That corner is needed as part of the city’s Hazel Street extension project, said Bozanich, who added he found out about the need for that land about three weeks ago.

For the complete story, read Tuesday’s Vindicator and Vindy.com