The City of Cranbrook has established a reserve fund bylaw for the future replacement of the Key City Theatre. At the June 23 meeting, council passed three readings of the bylaw.
“I really do think this is forward thinking,” said Mayor Wayne Stetski. “We know that in the not too distant future we will be replacing Mount Baker School.”
The Key City Theatre would likely be replaced at the same time.
The theatre is operated by the non-profit Key City Theatre Society, with operational funding from the city and School District 5.
Stetski said that they have been having meetings about the future of the building.
“There is no money currently in the city funds for this,” he said, speaking about the reserve fund bylaw. “This was a way to start building up a fund for the future.”
The theatre was built in the early 1990s with funding from the provincial government through the Expo Legacy Fund, the city and the school district.
CAO Wayne Staudt said the reserve fund offers a place for the city to store donations, such as those towards the replacement of the building.
“We’ll also be applying for grants for the replacement of the Key City Theatre over the years,” he said. “It might be five years away before we actually have to replace the Key City Theatre, but it would be nice to have some reserve funds to work with at that time.”
In the report to council, city staff noted they had also researched two federal grants as a possible source for grant money for the replacement.
The first is the Canadian Heritage Canada Cultural Spaces Fund program, which contributes up to 50 per cent of eligible costs. Eligible projects are those that are construction and/or renovation projects intended for professional arts and/or heritage activities.
The other is the Federal Legacy Fund. However city staff found that the theatre would not qualify as the projects must commemorate a 100th anniversary or greater in 25 year increments.