CEDIF Funds
Truro Investment Co-opertaive Ltd.
As a result of the construction of a new movie theatre complex in nearby Millbrook, the old theatre in downtown Truro was left abandoned. Rather than see this prime space go to waste, a group of local business people and investors transformed the old theatre into a community arts venue – the Marigold Community Cultural Centre Co-operative.
Spearheaded by the Downtown Truro Partnership and the Nova Scotia Co-operative Council, a CEDIF was created under the name Truro Investment Co-operative Ltd., through which 150 private investors contributed $950,000 for the revitalization of the abandoned theatre in the downtown core.
The CEDIF proposal outlined a plan for the Marigold Cultural Centre Co-operative including transforming the existing building into 4 main areas: a performance theatre, arts studio and sports hall of fame, gallery lobby and a space for a board room and offices. The business goals outlined in the CEDIF Offering Document included:
- Provide a year-round arts and cultural venue profiling local amateur and professional talent
- Develop a cultural attraction to stimulate tourism in the downtown core
- Stimulate economic and residential development in the downtown core
- Provide a source of accessible community entertainment
The real success of the Marigold Centre was the ability to sell the idea to an “ultra-conservation” business community for investment. According to those who were part of the process, it was not an easy task and the business community seemed to challenge every detail of the co-operative plan. However, in the end the Truro Investment Co-operative was able to convince the business community - with the help of partners, friends and champions within the community – that this community-based project was worth the investment. In fact, over $1 million in shares was sold in 35 days, overselling by $200,000 (which was given back to investors).
The initial investment money has gone primarily into renovating and updating the building. The Marigold Centre is now run by a facilities manager and executive director who report to the board of directors. The Centre now offers performance arts, arts education, a meeting and events venue, gallery space, a sports hall of fame and even houses the Truro Chamber of Commerce Offices.
