It wasn't really a difficult decision. But it is a wildly unpopular one late Tuesday night when the City Council approved by an 8-2 margin to forgive some $2.5 million in debt to the Beacon Cinema in order to help facilitate a sale of the historic downtown building.
The former Kinnell and Kresge building was renovated in 2008 through a public-private partnership to the tune of $22.1 million. The financial package was specifically designed to take advantage of new market tax credits, which bro
After meeting for three and a half hours with the prospective buyers of the Beacon Cinema, at least five city councilors are on board with the mayor's proposal to forgive $1 million in loans immediately and $1.5 million over 10 years to help facilitate a sale.
Pheonix Theatres is offering to purchase the former Kinnell and Kresge building on North Street and the assets of the Beacon Cinema. The group is planning to continue running a cinema out of the historic building and hopes to fill curr
It is a situation nobody wanted to happen, and one nobody really thought would happen given the way the movie industry was more than a decade ago. But now the City Council is asked to take the unpopular vote of forgiving the debt to save the cinema or to take the unpopular vote of letting the theater die.
A Michigan company is looking to buy the Beacon Cinema.
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 to the theater in 2008, becoming an anchor to the city's future vision of revitalizing North Street when it opened its doors in 2009.