Beacon Cinema Bridge Loan Repayment
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!”
