The Gibson County Theatre Company now has an option to purchase the old Princeton Theatre.
The building on West Broadway was purchased by Princeton Entrepreneur Kyle Johnson after it closed in 2011 and was the cornerstone of the city's presentation last year when Princeton won the Stellar Grant from the state of Indiana.
Plans are underway for a nearly 4 million dollar upgrade using some of that grant money, with the theatre company being the primary user.
Theatre company officials say they have 2 years to exercise the option on the purchase. The purchase price wasn't disclosed.