Beacon Cinema Bridge Loan Repayment

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PITTSFIELD – Mayor James M. Ruberto announced that the City of Pittsfield has received the first repayment of $363,312 on the bridge loan that was given to the Beacon Cinema Project in April, 2008.

“This bridge loan is part of the overall loans that the City of Pittsfield has given, and through Richard’s diligent efforts to apply for state historic tax credits, the City has seen a fast return in a very short period of time,” said Mayor Ruberto.

The $600,000 bridge loan, along with a $1,254,483 bridge loan provided by five local financial institutions, was provided with the understanding that the developer, Richard Stanley, would continue to apply for state historic tax credits with the goal of ultimately receiving the maximum amount of tax credits allowed under state regulations.

Director of Community Development, Deanna Ruffer commented that, “…with the support and assistance of the Mayor, the members in the Berkshire Legislative Delegation, and Secretary Galvin; the Beacon Cinema Project is right on track for retiring the bridge loan and for an opening by the end of the year.”

Once the tax credits are awarded, they are sold to investors. The sale of the credits is then applied proportionately against the bridge loans provided by the city and consortium of local lenders. As more tax credits are awarded and sold, the city will receive additional repayments on this bridge loan.

“We are very pleased to be on schedule and on budget. The continued awarding of the state historic tax credits to the Beacon Cinema project has allowed us to repay the bridge loan made by the City and local lenders,” remarked Richard Stanley. “See you at the movies on December 18th!”
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Pittsfield Council Passes $232.7M Budget

By Brittany PolitoiBerkshires Staff

PITTSFIELD, Mass. — The City Council unanimously approved a $232.7 million budget for the upcoming fiscal year. 

It is a modest, almost 2.9 percent increase from FY26. 

"I do want to give the community kind of a heads up as we move forward on budgets. What we see coming out of the federal government that's trickling down to the states, it's going to be harder and harder for us as a community to meet our needs under the Proposition 2 1/2," Councilor at Large Alisa Costa said. 

"We're going to have challenges, as we've seen communities across the state trying to override the Proposition 2 1/2, because we have dwindling amounts of money coming from the state and federal government." 

She pointed out that, at the same time, utility bills are going up for both residents and the city, as are the costs of pavement and other items. 

The amended budget of $232,777,720, down from the $232,782,090 originally proposed, includes cuts to the Department of Diversity, Equity, and Inclusion and the restoration of funds for councilors to attend the annual Massachusetts Municipal Association conference. 

The Pittsfield Public Schools' $86,855,061 budget includes $68,886,061 in state Chapter 70 funding and $18 million from the city. With $345,000 in school choice and Richmond tuition revenues, it totals $87,200,061 and is an approximately $300,000 increase from the Pittsfield Public Schools' FY26 budget of $86.9 million. 

The district's budget will fund 13 schools, as Morningside Community School will retire in the fall, and includes the middle school restructuring. 

Councilors also approved the use of $2 million in certified free cash to reduce the tax rate, and appropriated $450,551 for parking-related expenditures. 

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