Regina’s Globe Theatre receives crucial loan from city council

The future of Regina’s Globe Theatre no longer hangs in the balance.

Regina city council voted Wednesday in favour of loaning Canada’s only permanent theatre-in-the-round nearly $1.4 million, in order to help with urgent obligations and bills.

The vote was unanimous, with Mayor Chad Bachynski saying it was a difficult decision.

“There’s a lot of challenging aspects to our financial situation right now,” Bachynski said. “On the other hand, the Globe Theatre is an anchor downtown. We are investing tens of millions of dollars in the downtown.

“We have businesses that have reached out directly, and we heard today, that are open as a result of the Globe Theatre.”

Many of the restaurants surrounding the theatre say its existence is crucial to bringing in business.Head chef and owner of Rosemary & Rye, Fabian Boersch says he was elated to hear the news.

“When their shows are on, our room fills up, it really makes a big difference,” Boersch said. “It’s 5:30, everyone’s coming in for a pre-show dinner, and even if they’re not coming in for dinner, you walk outside and when there’s a show on, there’s just more people walking around.”

The theatre is currently $16 million in debt, an amount that the theatre explained stems from undertaking a major construction project directly after the COVID-19 pandemic, which brought on higher building costs, tariffs, and a steep mortgage.

The theatre believes it’s possible to come back from its current situation, as it provides $23 million annually in economic impact to the province. The theatre’s executive director says they will find more donors, including applying for additional grants from all levels of government.

In a statement to Global News, the province says they invested in the theatre’s initial revitalization project and what was agreed upon in the funding agreement, noting they get $245,000 annually through Crown corporation funds.