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With the news of two anonymous $50,000 share purchases and a new Equity Tax Credit registration (July 1, 2011 to February 28, 2012) friends and fans of the Acadia Cinema Coop have great hope that the Coop’s mortgage can be retired once and for all!

Shares purchased during this period will go toward the Coop’s “Sink the Mortgage” plan. This is the third and final year of this three-year plan, which has encouraged new and old shareholders alike to purchase at least one share for three years running to help sink the mortgage. The Equity Tax Credit – that’s 35% of the cost of every share right off the top of your Provincial income taxes for this year – offers an added incentive to help the ACC reach its goal by the end of 2011, during the Coop’s centennial celebrations of the theatre site.

When the Cooperative initiated “the “sink” plan in November 2008, ACC owed $227,000. As of July 1, 2011, the balance on the mortgage was $132,000!  This reduction reflects an extraordinary commitment to our Coop from the community. Now with the two amazing $50,000 share purchases, the Coop has $32,000 left.

So, can we “Sink” the Coop’s mortgage during the 100th celebration year? Let’s do it!

Any questions? Contact Fred Chipman.