'The deal is done': Rio Theatre declared saved after owners complete purchase

The ownerof the Rio Theatre hassigned the paperwork to buy thebuilding on East Broadway.

The deal went through on Aug. 31 after seven months of campaigning to keep the venue's doors open.

"The overwhelming support from the community over the past seven months to save one of the last independent theatres in Vancouver has been nothing short of amazing," read a statement released Thursday.

Theatre owner-operator Corinne Lea and her business partner made an offer to buy out the theatre in late February, but they needed to raise a more than $3million for a down payment in order for the deal to go through.

The theatre's operators relied on fundraising, private investors, celebrity cachet anda $375,000 grant from the City of Vancouverto raise the cash.

On Sept. 17, the theatre is holding two free screenings of The BigLebowskito celebrate and thank the community.

Property transfer tax

The Rio's operators have also launched a campaign for anexemption on its property transfer tax, which amountsto around $207,000.

Lea said the tax would not affect the group's ability to buy the theatrebut the operators would have to pay a higher mortgage without an exemption.

Some commentators suggested a tax exemption was a step too far, pointing out that all businesses are expected to pay taxes and a petition to change tax law in general would be fairer.

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