In a $3 million deal, the City of Ashland has agreed to purchase all real property owned by Paramount Arts Center, Inc. This came after PAC management approached the city commission asking for financial assistance. Officials said the city’s goal is to provide the arts center with financial support and allow the PAC board to retain management.
Ashland Mayor Matt Perkins said by purchasing the venue, the city is preserving a landmark.
“Luckily for us, as a city, we get to keep this historic place that has been beloved by many generations; whether it was movies, dance, theater, musicians, it’s all there, and preserved for generations to come now,” said Perkins.
City officials said the Paramount has served as a crucial driver for Ashland’s arts and culture since the 1930s and will continue to be a vital economic asset to the city. The site generates around $6 million in economic impact for Ashland each year. Hundreds of thousands of people visit the city to attend events at the Paramount, spending money at local hotels, restaurants, and businesses.
Despite the change in ownership, Perkins said there will be no noticeable changes in the Paramount’s engagements. Currently, the venue has events scheduled up to March of next year.
“Events as scheduled this year will continue because we have people that have bought tickets, hotel rooms, restaurant reservations, and we didn’t want any of that disrupted because obviously, that would be a negative net impact to our local economy,” said Perkins.
In June 2025, there will be a proposal opportunity for a new events schedule, to be designed by Ashland’s city commission with assistance from the current Paramount management.
Most revenue from ticket sales will continue to go to the PAC.