Community Development Committee chairman Ald. Tom Becker (6th) called the meeting in City Hall to give preservationists a chance to present their views before a decision is made on the fate of the structure. It's believed that once the preservationists meet with aldermen, a decision will be made whether the building will be saved for a performing arts center or replaced by a proposed new bank. The owners of Mt. Prospect National Bank have a contract to buy the Theater property at Miner and Lee streets.

Members of the preservation group want to save the theater for the purpose of establishing an arts center where musicals, plays and other public shows can be staged. They believe that such a center will attract large numbers of people to the downtown area where they will shop and visit local businesses such as restaurants.