Aspen Steps in to Save Movie Theater

By David Frey, 10-13-06

The city of Aspen has stepped in to keep the lights on -- or rather, off -- in the resort town's last remaining movie theater.

It's a unique approach in a unique town where amenities like movie theaters and bookstores struggle to stay open amid soaring land prices.

City officials say no public money is going to keep the Isis Theatre open. Instead, the city is issuing certificates of participation, using its credit rating to secure a better interest rate. Developers will repay investors over 30 years in a plan to buy the property for $7.5 million.

A deal has long been in the works between the city, Aspen Filmfest and the Isis Property Group LLC.

"All of us who reside in this community owe a debt of gratitude to this negotiating group," said Mayor Helen Klanderud.
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