An anonymous donor has tentatively agreed to write a cheque to the tune of $20 million to assure a new home for the Canadian Opera Company.
The new facility will be located at 145 Queen St. W. in downtown Toronto and the estimated cost is a cool $60 million.
In addition to the single donor, there are apparently 20 other patrons of the arts who are willing to contribute $1 million a piece, and along with a fund-raising drive to come up with the balance, it looks like the scheme will make it this time. (A previous plan to place the COC on Bay St. in Toronto fell apart some time ago)
The Ontario Government is reportedly willing to carry a 10-year, $12 million mortgage on the property at a 5 percent interest rate.
The plan calls for groundbreaking in late '98 with completion of the 2,100 seat auditorium the following year. -- By Ray Ellicock
Theatre News Canada