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Penmar Arts Society creating investment cooperative

An artist's rendering of the completed Penmar Community Theatre. The Penmar Community Arts Society is creating a cooperative to purchase the land and building.
Image Credit: Penmar Community Arts Society
April 27, 2015 - 10:33 AM

PENTICTON - The Penmar Community Arts Society has an investment opportunity for budding Ed Mirvish types in Penticton.

The society held a rooftop party to announce a new investment opportunity for theatre-goers.

The group plans to create a cooperative following discussions with Penmar property owners, who gave the society an option to purchase the property located on Martin Street.

“We need a source of funding to purchase the property and eliminate the overhead of monthly rent,” operations manager Adam Viklund said. Forming a cooperative would allow the group to sell shares.

Purchasers would own “a piece of downtown” as well as owning Valley First Theatre and the property, he added, smaking it a true community owned theatre.

Viklund couldn’t say when the shares would be placed on the market. He said a business plan has been prepared and an executive summary will be released in the next week or two. The society plans a private share release initially, and possibly open it up to the public later.

Renovations on the former multi-screen theatre continue inside the building, but outside work has been paused until the society finalizes its plans for moving forward.

To contact the reporter for this story, email Steve Arstad at sarstad@infonews.ca or call 250-488-3065. To contact the editor, email mjones@infonews.ca or call 250-718-2724.

News from © InfoTel News Ltd, 2015
InfoTel News Ltd

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