City of Vancouver
Approves Grant To Help #SaveTheRio!
Update: We have the $7.5 million to buy the Rio Theatre… So the Rio is saved! But there’s still that dang $200,000 Provincial Property Transfer tax! We have until the end of August for the City to process the grant and the property purchase to be complete. So we are still currently accepting our final round of investors/ donations to help us cover the BC property transfer tax. Investing in the Rio Property will not only help save the Rio but it’s also a great investment in Vancouver real estate! The opportunity to contribute is only available until the end of the month, so don’t delay! Invest or donate today! #longlivetherio
We are excited to announce that The City of Vancouver has followed through with the offer Mayor Gregor Robertson made to “help fill the gap” for our #SaveTheRio campaign. He made this announcement when he proclaimed June 25th to July 2nd “Save The Rio Week” at The Deadpool Double Bill at The Rio Theatre.
Today the City has officially confirmed a $375,000 grant to the Vancouver Art House Society to help reach our goal to purchase the property. The Vancouver Art House Society is also applying for a Federal government grant which, if successful, will match the City’s contribution. This combined with Vancity‘s increased mortgage approval and all of our fundraising efforts means that…
YES! THE RIO IS SAVED!
“Vancouver is home to a thriving arts and culture scene, and the Rio Theatre is an important cultural venue for showcasing local artists and events,” said Mayor Gregor Robertson.“It’s inspiring to see so much community support come forward to raise money to save the Rio. I’m thrilled that Council approved a $375,000 grant to help save The Rio and keep the doors of this cultural landmark open for future generations to enjoy.”
We are grateful to the City of Vancouver for their help to make this possible. This has been a HUGE team effort by everyone in the community.
We are THRILLED to announce the future of The Rio is no longer uncertain!
To allow for the grant process timeline, the current owner of the property has graciously granted us an extension to complete the purchase.
We are very grateful for this extension and the support shown from the current property owners to help us reach our goal to #SaveTheRio!
During this time period we will continue our fundraising efforts. Although we have been approved for a higher mortgage, reducing our debt as much as possible will benefit the theatre’s long term sustainability.
All funds raised between now and the completion date will help to lower the monthly mortgage payments ensuring the success of our mission to #SaveTheRio forever more!
We had such an overwhelming response from the community to invest in The Rio Theatre property. We have over 140 investors through our FrontFundr campaign alone!
Due to our original deadline of July 31st 2018, there were several investors that weren’t able to complete their investment in time. We’ve also been receiving messages from people daily asking us how they can own a piece of The iconic Rio Theatre property.
Now that we have more time to close the deal we are launching another campaign on FrontFundr to allow more investors to participate in this unique opportunity!
Check out our new campaign here:
We would like to send out a huge thank you to The City of Vancouver, Vancity, and everyone who has helped us get this far.
We couldn’t have done this without you!