"We're not writing a check," Dixon said. "We'll lose $600,000 if we don't do something. ... It's taking what we have, not losing that, and refocusing the mortgage."
Kiefaber supports the move, said spokesman Sean Brescia, who has been working with the owner and others to save the theater.
"We think that the best outcome is likely to come out of this process that the city can control and manage, versus the unknown of a bank auction," Brescia said.
He said he hopes the state Department of Housing and Community Development will also work with the Senator owner. Kiefaber owes the department about $680,000 for past loans, and it holds liens on his home and other properties.
"He is appreciative for the city's willingness to work with him on this and hopes the state will, too," Brescia said.
It's unclear how long the purchase and foreclosure process could take, Frank said.
"We would move as quickly as possible because we don't want the Senator to remain dark for longer than it has to," he said.
No longer screening first-run films, the theater is showing classic movies and selling memorabilia to defray expenses and pay volunteers staffing the site.
It's not clear which city agency would issue the request for proposals, but neighbors will have a chance to participate in the planning, Henry said.
