The theater was renovated as a center for the performing arts. Another partial renovation followed 20 years later, but funding remained a problem, and maintenance suffered. By 2005, the theater was in danger of defaulting on its mortgage, and was saved once again by two Knoxville businessmen, who held off foreclosure while the loan was renegotiated. After a fundraising campaign spearheaded by Knoxville Mayor Bill Haslam and the award of a federal grant, another renovation followed, repairing water damage, renovating the theater seats, and upgrading the stage with modern lighting, sound, and fly equipment.