Aspen purchases Isis Theatre

posted by Michael Zoldessy on October 11, 2006 at 12:37 pm

ASPEN, CO — The Isis Theatre will remain afloat now that the city and private investors are chipping in to keep it open. While one screen will turn into retail, the four remaining ones will still be leased out to Aspen Filmfest.

The city of Aspen, along with private investors and Aspen Filmfest, have reached a deal to acquire the Isis Theater for $7.5 million, the city announced on Tuesday.

The city claims the public/private/nonprofit partnership won’t cost taxpayers anything because of the method of financing. The city is selling certificates of participation on the municipal credit market that will be paid back over 30 years with the proceeds generated from the building. Certificates of participation are similar to bonds.

For more, read the Aspen Daily News.

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