 In 1997, the building was deemed unsafe and slated for demolition, but in an attempt to save the building, Danville's Old Town Preservation Association convinced the city to turn the building over to the association.In 1998, the Old Town Preservation Association sold the building to the Vermilion Heritage Foundation.On June 20, 2006, the leadership of the Vermilion Heritage Foundation closed the theater to future events due to increasing utilities and maintenance costs and a desire to re-focus on fundraising for the complete restoration.