Movie Notes

Rio Theatre receives extension to continue fundraising campaign to buy the property

by Charlie Smith on April 3rd, 2018 at 6:05 AM
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      After a marathon weekend fundraising effort, the Save the Rio Theatre campaign has been granted a two-week reprieve.

      The five owners of the 80-year-old single-screen theatre and multimedia arts venue have given the leaseholders, CEO Corinne Lea and business partner Jonathan Kerridge, until April 16 to come up with the money to buy the property.

      She's working with the Vancouver Art House Society, which is coordinating the fundraising campaign.

      An Indiegogo fundraising campaign has received $384,101 in donations toward a goal of $1 million.

      Among those who've contributed is Vancouver-raised actor Ryan Reynolds.

      Lea needs a $3-million down payment and she's hoping to secure at least $1.5 million from private investors.

      The Hollywood Arts Foundation has joined the #SaveTheRio campaign, which means donors are eligible for tax receipts.

      The foundation would become a shareholder in the property.

      It's often reported that former Fifth Avenue Cinemas head Leonard Schein owns the site. However, he's told the Straight in the past that he and a business partner are actually the mortgage holders.

      Lea's company has eight years remaining on its lease.

      Earlier this year, she stated on Facebook that the Rio generated record sales last year.

      According to the CBRE real-estate listing, the theatre is part of a 6,350-square-foot property on a 50' by 127' lot.

      The Rio Theatre has become a beloved local landmark because of the variety of its events, which range from late-night Star Wars screenings to comedy to burlesque to live music. It has also served as a venue for public discussions on important issues, including climate change.

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