SOUTH BEND, Ind. -- The South Bend Redevelopment Commission will meet Thursday morning at 9:30 a.m., with part of the agenda involving the discussion as to whether the city should purchase the historic State Theater on S. Michigan Street.

The agenda states the Department of Community Investment is requesting approval of the purchase agreement for the theater at 212 and 216 S. Michigan St.  for the price of $800,000, which is considered under the average value of two appraisals according to city officials.

City officials say the State Theater, built in 1917, is around 16,995 square-feet.

The agenda states the building is currently owned by a financing organization after the former owner defaulted on the mortgage.

Officials say the proposed acquisition of the theater would allow for the redevelopment of significant historic structure in downtown South Bend.

The agenda states staff believe there's potential for better use of the building than currently utilized.