Rio Theatre's future 'no longer uncertain' after City of Vancouver approves $375K grant

Operators of Vancouver's Rio Theatre sayits future is "no longer uncertain" after a recent grant from the City of Vancouver and months of fundraising.

City council approved a $375,000 conditional grant to help the cultural landmark reach itsfundraisingtarget of $3.8 million.

"Vancouver is home to a thriving arts and culture scene, and theRio Theatre is an important cultural venue for showcasing local artists and events," said MayorGregorRobertson, in a news release.

The funding will be given to the Vancouver Art House Society, the non-profit created for the campaign to save the Rio and other arts and culture organizations that may need help in the future.

The societyis also applying to the federal government for a grant which, if successful, will match the city's contribution.

'Huge team effort'

In order to receive the grant, the theatre must remain primarily as a cinema and a live entertainmentvenue for the next 10 years. It also depends on whether the total fundraising amount is reached.

"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," saidCorinne Lea, the current operator of the Rio.

The 80-year-old East Vancouver theatre had been a target for developers, who wanted to tear down the building afterzoning changes in the area, Lea said.

Mortgage approved

In February, she announced that the cinema's operators had put in a multimillion-dollar offer to purchase the Rio, a venue beloved for running independent films and hosting burlesque, comedy,improvand variety shows.

The campaigngarnered support from a variety of entertainers, including filmmaker Kevin Smith, actor Ryan Reynolds and Vancouver-born FinnWolfhard, the 15-year-old star ofStranger ThingsandIt.

In May, Vancity approved a mortgage for the operators to be able to buy the property. Fundraising efforts continue to reduce the operator's monthly debt.

"Reducing our debt as much as possible will benefit the theatre's long term sustainability," said Lea.

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