Their offer has been accepted, and now the operators of The Rio Theatre just have raise the money needed to buy the iconic East Vancouver entertainment venue.
So this week, Corrine Lea and her business partner launched a crowdfunding campaign in the hopes of doing just that.
Recent zoning changes have attracted the attention of developers who want to buy The Rio and tear it down for a new development project,” writes Lea.
This, she adds, would leave a “big cavernous hole” on the corner of Commercial and Broadway for years.
The only way to stop this from happening is to buy The Rio itself.
“To do that, we need to raise a $3 million down payment,” Lea continues. “We hope to do that with $1.5 million from donors like you, plus $1.5 million from private investors.
The Rio has “overcome adversity before with the huge support of the community,” she adds. “Our accepted offer to purchase the property was supported by over 22,000 signatures collected in just five days.”
If “most” of the 22,000 petition signers “gave just $100 each, we would easily meet and exceed our goal.”
Lea also noted that she “will be taking on the mortgage and is investing her own personal funds to help make this happen.”
Failure is not an option, she writes.
“Although The Rio holds a lease for the next three years, with an option to renew, failure to purchase the building will put The Rio in the hands of developers, leaving our future uncertain.”
At the time of this writing, the campaign had raised $45,480 (approximately 3%) of it’s $1.5 million goal.
Lea and supporters of The Rio have until midnight on April 2 to reach their target.