'The deal is done': Rio Theatre declared saved after owners complete purchase
Deal follows a 7-month campaign to 'save' historic venue
The owner of the Rio Theatre has signed the paperwork to buy the building on East Broadway.
The deal went through on Aug. 31 after seven months of campaigning to keep the venue's doors open.
"The overwhelming support from the community over the past seven months to save one of the last independent theatres in Vancouver has been nothing short of amazing," read a statement released Thursday.
Theatre owner-operator Corinne Lea and her business partner made an offer to buy out the theatre in late February, but they needed to raise a more than $3 million for a down payment in order for the deal to go through.
The theatre's operators relied on fundraising, private investors, celebrity cachet and a $375,000 grant from the City of Vancouver to raise the cash.
On Sept. 17, the theatre is holding two free screenings of The Big Lebowski to celebrate and thank the community.
Property transfer tax
The Rio's operators have also launched a campaign for an exemption on its property transfer tax, which amounts to around $207,000.
Lea said the tax would not affect the group's ability to buy the theatre but the operators would have to pay a higher mortgage without an exemption.
Some commentators suggested a tax exemption was a step too far, pointing out that all businesses are expected to pay taxes and a petition to change tax law in general would be fairer.
Corrections
- In a previous version of this story, the Vancouver Art House Society was incorrectly described as the majority shareholder. In fact, it is the largest shareholder.Aug 25, 2018 4:11 PM PT