Former Roseway Theater owner agrees to pay city thousands in back taxes

PORTLAND, Ore. (KOIN) — The former owner of the now burnt down and demolished Roseway Theater, which had stood near the intersection of Sandy Boulevard and 72nd Avenue in Northeast Portland since 1924, has formally admitted to owing the city more than $33,900 in back taxes.

Local businessman Gred Wood signed a confession of judgment on May 14, which states that he will repay the city $450 per month for 36 months to pay off local business taxes that Wood’s company NW Cinema Corp failed to pay between 2013 and 2019. The City of Portland filed suit against Wood and NW Cinema Corp in 2018 to reclaim the unpaid taxes with interest.

NW Cinema Corp was administratively dissolved in December of 2017 and a three-alarm fire destroyed the historic theater in August of 2022. Portland Fire & Rescue investigators deemed the fire accidental and electrical in nature. Arson was ruled out as a possible cause.

In accordance with the agreement, if Wood successfully makes all 36 payments, which will add up to $16,155.41, the City of Portland will waive the additional $17,755.99 in penalties Wood also owes to the city.

KOIN 6 News attempted to contact Wood by phone Wednesday. Wood did not immediately respond to KOIN’s request for comment.

City records show that the property that previously held the Roseway Theater is now owned by Roseway Contract Holding LLC, which is holding the property for sale.