Non-profit society created to help raise funds to buy Rio Theatre
In the latest move to save the Rio Theatre from being sold and potentially redeveloped, a newly created, registered non-profit BC society with “a mandate to help save Arts and Culture spaces in Vancouver,” has been created.
Run by a board of industry professionals and billing itself as The Vancouver Art House Society, those behind it say the society was created to “ensure that funds raised by your donation will not only help save the Rio, but it will continue on as a legacy project to help other Vancouver arts and culture organizations in the future.”
In a statement on the campaign website, Corinne Lea, operator of The Rio and part of the newly formed VAHS, said 100% donations received from people will go toward buying the property, but in a split way.
A total of 25% will go directly to The Rio business (Shameless Lee Productions Ltd.) to cover the costs of the purchase and the costs of this campaign.
The other 75% will be donated to, the VAHS that “will invest the donated funds to purchase the property and become an equity shareholder of the real estate.”
“Run by a board of industry professionals, this society was created to ensure that funds raised by your donation will not only help save the Rio but it will continue on as a legacy project to help other Vancouver arts and culture organizations in the future,” writes Lea.
Those who would like all 100% of their donation to go directly to the Art House Society, “there is an option you can choose in the list of perks.”
“All funds donated to the non-profit society will go towards purchasing shares of the property,” adds Lea. “The non-profit society and the private investors are all shareholders of the property, they will not be involved with the daily operations running the theatre, instead they will become the new property owners.”
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