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UPDATED: Rio Theatre funding deadline extended to mid April

About $600,000 is needed to purchase the property by April 16
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The fundraising drive to purchase the Rio Theatre has been extended to April 16.

This week’s final funding push for the Rio Theatre wasn’t so final after all.

Theatre manager Corrine Lea announced Monday night that a two-week extension has been granted by property owner Leo Schein to allow more time to raise money and finalize the deal.

The announcement came towards the tail end of an all-weekend telethon drive that featured dozens of performers and kicked up about $80,000 in donations.

April 7 was first targeted to get the deal done, while the new funding deadline is April 16. About $600,000 is needed in under two weeks as part of the crowdfunding campaign, while an additional $2 million is being collected through a team of private investors.

“Last week I knew that we were going to need more time,” Lea told the Courier Tuesday. “When I agreed to [the initial deadline] I didn’t factor in spring break or the Easter long weekend. Even my banker was away on spring break, so with trying to get paper work done and all that, it became really evident that we needed more time.”

Lea wouldn’t say how much the private investment side of the deal has raised. About 20 people have pitched in to help.

“We’ve got a good, supportive team of interested investors, we’re just working out the details to get confirmation,” Lea said. “It shifts quite often but I’m confident that I’ll get it.”

Lea’s 60-day window to buy the property from theatre magnate Leonard Schein began Feb. 6. She initially asked for 90 days, but settled on a month less.

The Rio’s assessed value is roughly $4 million, and the purchase price is believed to be much higher than that.

According to Schein, Lea has exclusivity on trying to finalize the deal. He fielded two other offers in early February before accepting Lea’s. He’s not taking any other offers until if and when the deadline passes. And even if it does, he looks at April 16 as somewhat of a moving goal post.  

“It depends on how close she is. I would like her to get it,” Schein told the Courier Tuesday. “She may need a few more days, but it’s better if she has a deadline. But it’s not necessarily a drop-dead deadline.”

The Rio’s Facebook page lists events spanning into September. That’s neither overconfidence nor coincidence, but due to the fact that Lea’s lease still has three years left on it.

“Anyone who buys the Rio will still have to honour our lease,” she said. “So when we say that we’re saving it from being torn down, it means ultimately it would be torn down, but it wouldn’t be tomorrow. It would be at least three years.”

The Rio’s Indiegogo page is online here.

@JohnKurucz