Operators of threatened independent Vancouver cinema launch its second act
VANCOUVER — The operators of one of the last independent movie theatres in Vancouver say their multimillion-dollar offer to buy the aging cinema has been accepted and now they have 60 days to finalize the deal.
Corinne Lea says she was biting her fingernails Wednesday while she and her business partner waited to hear if their offer for the Rio Theatre in east Vancouver would be successful.
When approval came through, Lea says she and the staff enjoyed a bottle of hastily purchased champagne and then she turned her attention to financing the purchase, which she will only confirm is above the theatre’s $4.3-million assessed value.
Public support for the 80-year-old cinema has been overwhelming, from financial donations to offers of partnership, and Lea says there are plans to create a non-profit society so donors will own a share of the building.