Are End Credits Near?

City of Aspen Breaks off Negotiations to Buy Last Remaining Movie Theater

By Mitzi Rapkin, 5-24-06

A few weeks ago the building housing one of the only two movie theaters in Aspen was sold to developers who are axing the movie house in favor of office space and housing.

That left one movie theater in Aspen with a precarious future. The building it is housed in, The Isis is also for sale. In an effort to keep a movie theater in existence in downtown Aspen, the City Council made moves to buy the Isis building in order to ensure it remains leased as a film house.

The sellers offered the building to the City for $8.75 million with a $500,000 non-refundable deposit. Even if the City put the deposit down, the issue would have had to go to the voters in November to see if they approved the deal.

Sentiments in Aspen are mixed and vocal. Last night however, the City let the deal go, at least for now. City Attorney John Worcester told the Aspen Times “Like Bush says, everything is on the table.” He mentioned “friendly condemnation” which means the City could buy the building from the owners for public use through the power of eminent domain. The owner would then be entitled to receive just compensation and tax benefits.

The Council discussed the issue behind closed doors last night and Worcester’s comment is the only indication that perhaps there is some other option on the table.

Sam Houston, a current ownership-partner in the building told The Aspen Daily News he had no comment except that he enjoyed watching The Da Vinci Code at the theater this week.

If a private developer buys the building they would have to pay millions of dollars in mitigation fees if they convert the building into anything other than a movie theater.

While there has been a lot of public sentiment about the issue, most has been in favor of the City buying the building, just not under the initial terms they were offered.

Although Mayor Helen Klanderud said negotiations are off with the sellers, this is likely not the end of the story.

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