Penmar Arts Society creating investment cooperative
By Steve Arstad
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.
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News from © InfoTel News Ltd, 2015