Rio Theatre confident of ‘good news’ in cash drive
With hours to go before the deadline to raise $1 million to save the Rio Theatre, operator Corrine Lea hinted at a happy ending for the beloved east Vancouver theatre.
Lea was expected to make an announcement about the Rio before midnight Monday. She kept the news mum Monday afternoon, but gave a clue: “I’ll be announcing good news.”
Lea had been raising money to buy the property to ensure that the theatre — one of the city’s last independent movie houses — isn’t torn down and replaced by potential development.
Her February bid to buy the building was accepted by the owner. She had declined to say how much the bid was, but had said it’s higher than the property’s assessed value of $4 million.
Lea’s offer came with 60 days to remove subjects, which includes raising $3 million as a down payment. Her goal is to raise $2 million from private investors and $1 million through an Indiegogo campaign.
On Monday, the campaign had raised more than $354,000 from more than 3,600 donors. It’s still short of its $1-million goal, but Lea isn’t deterred.
“All hope is not lost if we don’t raise the million,” she said. “It just means we have to get investors. I didn’t do all this work to fail.”
Lea has until April 7, the subject-removal deadline, to get her financing in order.
Vancouver’s arts community has rallied around Lea and the 80-yearold theatre, which screens films including cult classics, and hosts live performances that include comedy shows and burlesque performers.
“It’s been heartwarming to see the effort people have gone to donate,” Lea said. “Everybody has been chipping in whatever way they can.”
Many artists and performers have donated their time and talents to save the Rio. A 30-hour telethon that started Sunday night and ended midnight Monday featured more than 70 local acts.
Filmmaker Kevin Smith gave the campaign a big bump, raising about $50,000 from two sold-out, back-to-back shows at the theatre last weekend.
Actor Ryan Reynolds also threw his star power and considerable social-media clout behind the campaign, tweeting about the theatre and linking to the campaign’s crowdfunding page.
“We always get a big boost whenever a celebrity shares the campaign or shows their support,” said Lea. “Even though they are big stars, they still value independent theatres like the Rio. It really shows the Rio is such a special place.”