The Fraser Valley Metropolitan Recreation District’s lease on the Foundry Cinema & Bowl will expire in early 2024, and the owner of the building has presented the district with three options. It can terminate the lease, extend the lease or purchase the business and property.

A news release from the district emphasized the “essential role in fostering connections, promoting an active lifestyle, and contributing to the local economy,” that the Foundry has played since the district took over operations in 2019.

The Foundry does not run on tax revenue — it is self-sustaining and has generated net revenue for the district each year. The building owner did abate the rent from 2020-22 due to COVID-19 closures and limitations, but the 2023 budget shows the Foundry generating net revenue with full rent payments.

Terminating the lease would let the owner repurpose the property, likely turning it into housing, which would be a loss for the community’s access to family entertainment, the news release stated. Extending the existing lease would remove the purchase option and have other conditions potentially unfavorable to the district.

If the district purchased the building and business, it would be for a price well under the replacement cost if the district built a similar facility. The district would keep the Foundry self-sustaining and all costs related to the acquisition financing would be supported by the business.

The news release stated that the district’s board is considering many factors in its decision, such as purchase price, public financing options, interest rates, operational costs, maintenance, staffing requirements and community demand.

Community members can provide input at upcoming 5:30 p.m. board meetings June 27 and July 25 at the Grand Park Recreation Center, or they can email the board members. Board members’ email addresses can be found by going to FraserValleyRec.org under the “About” tab.