Operator’s bid to buy historic Rio Theatre accepted, funding hurdles remain

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VANCOUVER (NEWS 1130) – The operators of a threatened East Vancouver cinema have had their offer to buy the building accepted.

Corinne Lea says she and her business partner made an offer Wednesday and closed the deal for $7.5 million that night.

The building had an assessed value of $4 million, but Lea says they had to make their offer competitive, with an offer on the table from a local developer who was intent on tearing it down.

She says the challenge now is paying the bill; They have 60 days to get the money together, and Lea says they’ll be releasing more information on how they plan to do that tomorrow.

Several actors and directors voice their support for the Rio when it was listed for sale last month, including filmmaker Kevin Smith, who said on Twitter he would be happy to hold a benefit screening to raise some cash.

The director of “Clerks” and “Jay and Silent Bob Strike Back” added that he couldn’t afford to buy the building himself, saying it’s been years since he’s had a hit film — if ever.

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