Rumors were swirling this weekend that Houston's longtime home to the avant garde, Stages Repertory Theater, was closing its doors after years of failing to pay rent to the city of Houston.

We spoke with George Lancaster, chairman of Stages' board, who confirmed that despite the theater's debt and the expiration of its lease, a new five-year lease was recently negotiated. More than $300,000 in back rent was also paid by the Meadows Foundation in Dallas, which has links to Lancaster's family.

Lancaster said that he's confident the building will be the theater's permanent home, and has hopes to eventually purchase the property from the city. (The new lease includes an option to buy.)

Let's hope this new future works out—Channel 2 reports that the new lease includes a clause saying that if Stages falls behind in rent again by more than 90 days, the company will be evicted without negotiation.