Portage Theater reportedly lacks resources to maintain property, as receivership could be appointed

by BRIAN NADIG

The ownership of the shuttered Portage Theater, 4050 N. Milwaukee Ave., has “no assets,” according to its attorney, and plans are being made to possibly place the property into receivership.

At a building court hearing on March 20, it was reported that a canopy company is planning to remove the scaffolding in front of the theater due to nonpayment. City of Chicago buildings inspector Telly Jefferson told the court that the scaffolding is needed under the marquee for safety due to structural issues with the theater’s marquee.

A representative for Chicago Neighborhood Resources LLC told the court that it would look into becoming a receiver for the property but that there are unpaid property tax issues for the theater which could complicate the matter. A receiver is an entity appointed by the court and in essence becomes the manager for a portion or all of a property.

It was reported at the hearing that the redemption period for paying the buyer of the taxes, reportedly around $140,000, may have expired but that it could be extended. The county sold the property’s 2021 unpaid taxes to a third party, and its 2022 and 2023 property tax bills, totaling nearly $300,000, were delinquent as of last year, according to Cook County records. The buyers of back takes make their money by charging the owners interest when the taxes are being redeemed.

The buyers can eventually take possession of a property if the taxes aren’t redeemed, but usually they’ll try to get reimbursed from the county for the money they paid through a loophole in the law, which county officials are trying to tighten. As a result, buying taxes can in some circumstances be a low-risk investment.

The city took the theater’s ownership to court last year, issuing a summons to Avra Properties LLC and Portage Theater LLC. There have been reports that the ownership may have been transferred in recent months.
The next court hearing is scheduled for Thursday, April 3.

The theater was built about 105 years ago. Landmarks Illinois placed the Portage Theater on its endangered list in 2024.

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