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Pittsfield, MA: Michigan Company Interested in Beacon Cinema Purchase

Posted on Friday, November 16th, 2018 3:25 PM

The Beacon Cinema in Pittsfield, Massachusetts may be purchased by Michigan-based Insight Management Consulting, according to a recent article published on iBerkshires.com:

Insight Management Consulting has made an offer to purchase the building and the business from owner Richard Stanley. Stanley had redeveloped the North Street building into a theater in 2008, becoming an anchor to the city's future vision of revitalizing North Street when it opened its doors in 2009.

"The Beacon Cinema is a unique historic landmark and vital anchor in downtown Pittsfield. The restoration of the formerly distressed structure was a critical catalyst in our downtown revitalization. Early investments in Pittsfield's downtown, like the Beacon, have stimulated other investments, increasing downtown property values by 21.5 percent in the last 10 years," wrote Mayor Linda Tyer in a letter to the City Council.

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In 2016, the City Council agreed to extend tax incentives for five additional years to help with improvements to the theater.

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With a sale pending, the seller and the buyer petitioned the city to forgive $2.5 million worth of loans the city issued to the Beacon. According to Director of Community Development Deanna Ruffer, Tyer countered and the two parties agreed to ask forgiveness for $1 million of that with the rest of it being forgiven in 10 years provided that the theater remains open.

Click the Read link below to view the full article.

The Beacon Cinema opened in 2009. Insight Management Consulting operates movie theaters in Michigan and Iowa under the Phoenix Theatres brand.



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