Owners of the historic Balboa Theater, one of the county's oldest movie houses, plan to finalize a purchase agreement Thursday with a foundation committed to restoring its original Spanish-colonial style.
CJW Inc., owned by siblings Cathy Wervey, Wayne and John Wortmann, agreed to sell the theater to the Balboa Arts Theater Foundation for $550,000, an amount that must be raised in 10 months under a special arrangement.
If the foundation does not come up with the money by the deadline, ownership will revert to the siblings, said Steve Bromberg, a member of the foundation's board of directors. Donors would be reimbursed.
"If for any reason this does not happen in 10 months, if we cannot raise it, all of the money will go back to the people who donated, every nickel," he said. "If they have concerns, those concerns should be alleviated."