In March, both parties were scheduled to approach the city council with a letter of intent to perform a feasibility study on the theater. Aldermen would then debate loaning the Preservation Society $60,000 for the study.

Nearly two months after the March deadline, the theater's owner, Dhitu Bhagwaker, has reportedly failed to sign the letter of intent and Niemeyer asked aldermen for guidance on the issue. Sayad declared the matter null and void calling March the "drop-dead date" for theater funding. Niemeyer indicated that he did not believe March was the ultimate deadline for council action. A majority of aldermen agreed with the city manager.

Ald. Pat Beauvais (1st) reminded the council that regardless of ownership the theater is still part of the city's downtown.

Ald. Carla Brookman (5th) agreed. "If nothing is done we are doing a great disservice to the community and the [Preservation Society]," she said.

The building's previous owner, Mt. Prospect National Bank, sold the theater to Bhagwaker in November 2003, who previously ran the theater. At the time, Sayad claimed there was no further need for the study since the theater changed ownership and it was not Bhagwaker who approached aldermen for the study, but the Preservation Society.

On Monday night, Sayad, referring to a five page status report the council received concerning the theater, stated: "These are good ideas, but [Bhagwaker] won't sign the paper."

Niemeyer said he will talk with both Bhagwaker and the Preservation Society and return to the council hopefully during the May 17 council meeting with the deadline for a signed letter of intent.