City Still Negotiating

Movie Theater’s Fate Still Undetermined

By Mitzi Rapkin, 5-16-06

Last week I reported that the City of Aspen is trying to buy the building that houses the only remaining movie theater in town for $8.75 million. The deal would involve the City putting a $500,000 non-refundable deposit and taking the issue to the voters. In November it would be up to them to decide if the City should buy the Isis Building with a property tax or sales tax hike or lose the $500K.

Movie theaters seem to be a dying commodity in small towns, even local video stores are suffering from the ease and low cost Netflix alternative. But the question at hand for the City is not just to buy a building and become a landlord, it’s about what the Council and ultimately the citizens want this town to be.

The City Council held a special meeting last night to discuss the issue and welcomed public comment. They first announced to citizens that a contract came in from the current owners yesterday offering the City the opportunity to buy the building with only a seven-day due diligence period.

City Attorney John Worcester told the Council that seven-days “wasn’t a whole lot of time” to consider such a big purchase.

While there is certainly disagreement in the City among citizens about what the Council should do, there was overwhelming consent at the meeting that Aspen needs a movie theater.

“I can’t imagine life in Aspen without movie theaters for people of all ages. It’s sort of the last affordable entertainment that we can provide our community,” Ellen Hunt said.

Employers testified that it is a selling point when trying to woo prospective workers to Aspen. The current Assistant Manager of the company that leases the building for its theater operation, Judson Zevin, said there is even more opportunity for the theater’s success due to the closing of its competing theater last week.

Barbara Frank, General Manager for Aspen Filmfest said, “We think a movie theater is an important part of town for locals and visitors, especially for the under 21 set it makes this town more livable. We’re slightly worried about the $500,000 non-refundable deposit.”

Mayor Helen Klanderud said, “There are two issues here, one is the level of passion for keeping a movie theater in town, that’s not the difficult question. The difficult question is at what price?”

Local realtor Marc Friedberg started his comments by telling the Council that the town needs this theater. “I’m not enamored with the terms,” he said. “It’s ridiculous to only give seven days, if the current owners really want to see this remain a theater they can give you some time. I encourage you to negotiate; there is a moral issue here.” And he requested that if the Council did go through with the purchase, to tax everyone who uses it, meaning raise the sales tax so tourists and locals alike could fund this amenity.

City Council Member Jack Johnson explored the idea of using the theater during the day for other purposes to make better use of the space and perhaps bring in more revenue for the lessee.

After getting a better picture from the public on what it wanted, the Council met behind closed doors to discuss the issue.

A contract to buy the Isis Building was neither signed nor thrown away during the meeting so discussions continue between the Council and the current owners. So far what the public has seen are just the coming attractions of a picture that is not quite finished in Aspen.

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