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Here are some of the most common questions we're getting in regards to our performing arts hub project:
Q: How did this project happen?!
A: A private investor, Kate, brought her vision for an arts space to Victoria's Matthew Payne, OG's Artistic and Executive Director. Along with several other experts*, the two engineered the purchase of 716 Johnson on December 29, 2023.
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Q: Where is Kate now?
A: In Toronto. In June of 2023, unable to find the health care supports she needed, Kate left Victoria to return to Toronto. She is in complete health, and will remain in Toronto. Because she won't be returning to Victoria, Kate is withdrawing from the project, and that means OG must replace her investment.
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Q: How much do you need?
A: Kate's original investment was $1.8-million. OG has paid off $650,000 so far.**
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Q: So you need...
A: $1.15-million. Plus some operating support.
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Q: Where will you find that kind of money?
A: We have been working doggedly since June 2023, and here's our current plan for a blended capital model:
$100,000 granted from the City of Victoria's Major Community Initiatives and Events GrantÂ
$400,000 loan from Thrive Impact Fund (This Victoria social profit provides loans for projects like ours. OG has a signed term sheet in place)
The remainder from a combination of traditional lender, likely a credit union, and somewhere in the range of $250,000 from public and private donations (like foundations).
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Q: When do you need the money?
A: With the recent Municipal and community support we are working to complete the repayment by the end of 2025.
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Q: What happens if you don't get that money by December 2025?
A: In accordance with our loan agreement with Kate, she has the right to trigger a sale of the building to recoup her investment. The recent municipal and community support has given us time to further raise funds and bring this project to life. We will continue to update the community on our progress.
* Shout out to Theatre SKAM, where Matthew worked when this project began.
** Thanks to Anonymous for the $300,000 donation and to BC Arts Council for $250,000 from the Infrastructure program- TWICE(!), and $100,000 from the City of Victoria.
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