City to grant $375,000 to help save Rio Theatre

The City of Vancouver will contribute $375,000 to the Rio Theatre — which means the theatre’s future is no longer uncertain.

“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 in a statement Tuesday announcing the funding.

The money comes in the form of a conditional grant, which means the Rio will only receive the promised money if they ’re able to secure the remainder of the required total through federal or private funding, and so long as the theatre continues to operate primarily as a theatre and live entertainment venue for the next 10 years.

The grant also includes a formal community-use agreement for the venue, as the theatre is referenced in the city ’s Grandview-Woodland Community Plan as a “key part of its burgeoning cultural scene.”

The grant helps to close the gap between what had already been raised and what was required to to purchase the theatre.

Rio operator Corinne Lea has been spearheading the #SavetheRio campaign since earlier this year when news surfaced that the property housing the Rio Theatre had been put up for sale. The owner of the property then agreed to sell the theatre to Lea for $7.5 million and, later, also agreed to extend the deadline to close the sale.

Through a crowdfunding campaign and investors, the campaign has raised nearly $3.9 million to cover the balance of the purchase price, closing costs and working capital. Vancity Credit Union had also granted a mortgage commitment to help fund the purchase.