The Hagerstown City Council introduced an ordinance Tuesday that conveys its interest in the former McBare's property on Potomac Street to The Maryland Theatre.
The owners of the building, which houses The Maryland Theatre's offices at 25-29 S. Potomac St., are finalizing plans to effectively donate the property to the theater.
The ordinance introduced Tuesday is part of the property transfer.
It stipulates that the property no longer is needed for a public purpose and that it shall be conveyed to the theater for $261,020, according to city documents. The money is only due if conditions of the sale are violated, according to city documents.
The former McBare's property is assessed at $371,600, according to Maryland tax records.
Hagerstown-Washington County Industrial Foundation, known as CHIEF, acquired the building in 2003 through a partnership with the city, CHIEF President and CEO Richard Phoebus has said.
Together with CHIEF, the City of Hagerstown has a financial interest in the property that the ordinance protects, City Administrator Bruce Zimmerman said.