Just a few Days Left To Close The Deal!
The Vancouver Art House Society launched a letter writing campaign on Monday August 20th to ask for an exemption from the Property Transfer Tax imposed by the Provincial Government.
We have now created a petition on change.org to make it easier for the community to show their support!
PTT is one time tax that is owed when you change the name on the land title from the previous owner to the new owner. This tax was recently increased to deter aggressive property flipping, it was not meant to prohibit a cultural organization from trying to save one of the last independent theatres in Vancouver! Based on the purchase price of $7.5 million this new PTT tax will cost the Society an extra $207,000 on top of the purchase price!
We have already lost so many cultural venues to over-development in Vancouver. The Vancouver Art House Society is a non-profit society that is purchasing shares of The Rio Theatre property to save it from demolition which will secure it’s role as a thriving cultural institution in Vancouver. Once the property is purchased, The Vancouver Art House Society, will be the largest shareholder of the property.
Our date to complete the purchase is August 31st. To be clear, this tax will NOT prevent the society from buying the property, but if they can get it waived it would sure help the long term sustainability!
AND it might serve to set a much-needed precedent to help preserve arts and culture spaces in Vancouver!
If you want to find out more and show your support, click on the link below!
Please sign and please share! #longlivetherio
To achieve this goal we are asking the community to join us in our letter writing campaign to ask the Provincial Government to waive the PPT for the purchase of The Rio Theatre property. We saved the Rio with the help of over 30,000 contributors.
We know that the support of our community is strong.
Please lend your voice to help protect arts and culture in Vancouver.
Just Click, sign and share! https://www.change.org/p/longlivetherio-petition-to-waive-the-bc-property-transfer-tax
or you can also
August 20th, 2018
Hello Carole James Minister of Finance and Lisa Beare Minister of Arts and Culture,
As you know, over the last six months, the community has come together to help save The Rio Theatre from being sold to developers who want to tear it down.
The outpouring of support has been overwhelming: over $500,000 was donated by more than 5,000 members of the community, and private investors, big and small, have stepped up to save The Rio. Vancity credit union came through, approving a $4,250,000 mortgage. Members of the cultural community came together to form the Vancouver Art House Society, which will oversee donations to help buy The Rio property and see that a legacy will continue to help save other cultural spaces in East Vancouver.
On July 31st, 2018, the City of Vancouver stepped up with approval of a $375,000 grant to the Vancouver Art House Society, and the Mayor proclaiming #SaveTheRio week. The society is also in advanced discussions with the federal government for funding support to match the City grant through the Canadian Cultural Services Fund.
The B.C. Provincial government now has a great opportunity to help finalize the sale. As successful as the campaign has been, there is very little margin for error and the province’s Property Transfer Tax (PTT), especially after the recent increase, has proved to be a financial stumbling block. With a purchase price of $7.5 million on the property, the amount that The Rio and the Vancouver Art House Society would need to raise to pay the PTT to the province would be $207,000.
I would like to add my voice to those calling for the B.C. provincial government to make an exemption to the PTT to help save The Rio. Such a waiver is a suitable proxy for more direct forms of funding being proposed by the City of Vancouver and the federal government, and would allow the province of B.C. to play an important supporting role in protecting this vital arts and culture space for the community.
This has been such a huge team effort to save the theatre, which is beloved by the community, and it would be incredible if there is a way the Province could help Save The Rio! We have over 30,000 supporters in this campaign, and they would all be very grateful for your support.
Thank you in advance for your consideration,
Concerned citizen and supporter of The Rio Theatre.
We are still receiving messages daily from members of the community asking if they can still own a piece of The Rio Theatre. Good News! There’s still time!
You have until August 30th to invest through our FrontFundr campaign!
If you are interested in learning more about this exciting opportunity, click the link below:
Accredited investors can contact Corinne Lea directly at email@example.com