Lido Theatre

Raising 200000 to save 93 year old preserved (not designated) historic buildings that appraise at 405000

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The Lido Theatre is the most well preserved atmospheric theatre in Canada and perhaps the world. Founded by my great grandfather in 1930. Until Covid it was the longest running atmospheric theatre in the world and it may still be. COVID nearly wiped us out and or is about to wipe us out. When I was running the Lido at its peak we earned the award for the highest grossing theatre in Canada on a per capita basis. I intend to reopen The Lido and it sister property as an arts and culture centre with a museum component. I have 93 years of historical documents and artifacts including 100000 movie posters. Our bank had began foreclosure proceedings a few months back. I’ve been working nonstop to try and secure other financing thus far to no avail. The bank auction is on Wednesday April 12th 2023. If I can secure 200000 before Monday April 10th at 10:00 am I can secure the buildings free and clear. Alternatively if the we get a letter saying we have funding but just need a couple more days our lawyers say the bank might postpone the auction. The skate building next door to the Lido is also 93 years old and my family bought that in 1984. It is the former Dominion Bank building and it too is largely preserved as original. Both Buildings are owned by a for profit corporation that I am the president and sole shareholder of. I also founded a Manitoba Not-for-profit back in October 2021. The NFP is named NorCan Arts and Heritage Inc. the intent of NorCan is to save the Lido and help our struggling northern reserve communities. The buildings are not on reserve land as they are technically in the municipality of The Pas. However we are traditional Treat 5 Cree territory. We have fresh appraisals for both buildings and they come in at 405000. Being able to purchase them from the bank with back into my for profit Corp or if possible using NorCan to buy them from the bank would be ideal. I’ve been told directly that the interested bidders that will be at the auction intend to gut the buildings and turn them into condos. Which would be a huge loss for our communities and our country. I know the timeline seems “impossible” but I have to try anything and everything at this point. Financially it’s a “no brainer deal”. Proper fair market value appraisal at 405 for just 200 fee and clear makes so much sense. Pre Covid I maintained a credit score of 800+, no my scor is 511 and another hurdle on why we can get traditional funding. Please help before some business person destroys 93 years of Canadian culture and history. (The buildings are not designated so they can). 

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