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Rio Theatre meets fundraising goal with $375,000 grant from City of Vancouver

City of Vancouver helps save Rio Theatre
WATCH: Vancouver's Rio Theatre has been saved, thanks to a donation from the City of Vancouver. But has the city set a potentially expensive precedent by bailing out a private business? Tanya Beja reports.

The campaign to save the Rio Theatre has met its fundraising goal, thanks in part to Vancouver taxpayers.

The City of Vancouver has agreed to kick in $375,000 to push the campaign over the top.

The money comes with the condition that the theatre must continue to be used as a cinema and live music venue for the next 10 years.

Globalnews.ca coverage of the Rio Theatre

Last year, the Rio’s operators launched a crowdfunding and private investment campaign to raise $3.8 million to help buy the building and keep it out of the hands of developers.

“That’s what we really wanted to ensure is that as long as somebody else owned it, then who knows what could happen,” said Corinne Lea with the Rio.

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“If we own it, we can determine what happens with the Rio and we want it to stick around for a long time.”

READ MORE: Rio Theatre holds 30-hour telethon to raise $1M to save the building

Earlier this month, Vancouver city council approved a plan to save Kitsilano’s historic Hollywood theatre.

The deal would see the Art Deco-style structure in the 3100-block of West Broadway listed as a heritage building, with the exterior and certain interior elements preserved and revitalized.

In exchange, Bonnis Properties, which owns the land, would get a density bonus to build a six-storey, 40-unit condo complex next door. The land is currently zoned for a four-storey structure.

— With files from Simon Little