Photo by NCinDC.

UPDATE: It appears there will be an emergency board meeting at the Lincoln tonight at 6 p.m. Graham adds that the situation “looks bleak,” though he now tells Tom Sherwood that he didn’t specify when the theater would close due to its financial difficulties.

ORIGINAL POST: A rough morning for Mid City residents just got a little bit worse: during a breakfast meeting between Mayor Vince Gray and the D.C. Council, Ward 1 Councilmember Jim Graham revealed that the Lincoln Theatre at 1215 U Street NW will close next week because it is out of money.

Earlier this year, Councilmember Vincent Orange (D-At-Large) and Graham, who sits on the theater’s Board of Directors, were able to secure $500,000 in funding for the Lincoln during budget negotiations. However, that money will not be allocated until the next fiscal year. Gray responded to Graham’s news by stating that the city couldn’t “pour money in” to the theater, which he described as having a business model that was “not sustainable.”

The Lincoln has a few events scheduled through November on its calendar, including the two-day 8th Annual Festival of Indian Arts.