One of the top music houses in Canada is entering a new era and is turning to the community to keep the dream alive.
The Dream Café and restaurant, located on Front Street, is aiming to incorporate a co-op with members of the community and friends of the renowned venue by April 30.
Owner Pierre Couture was looking to sell the unique spot, which has played host to such artists as Barney Bentall, Michael Kaeshammer and Judy Collins, for the past year due to health issues making it difficult for him to continue to run the day-to-day operations. While there were interested parties, Couture couldn’t find the right fit.
“A lot of people have been asking us over the last little while ‘What’s happening with the Dream Café? And why would anyone want to sell it?’” Couture said to the crowd of about 75 people at the first of two information sessions regarding the co-op held at the Dream Café on Jan. 21.
“We’re not selling it because it doesn’t work, because it really does,” Couture said.
In order for the co-op to be incorporated a minimum of $350,000 must be invested by late April to mid-May 2015.
“We need to raise $350,000 to make this work ... we would like to raise $400,000,” Dream Café accountant Murray Swales said, adding that if the $350,000 isn’t raised it will not likely go ahead.
The investment structure has two classes of shares. In order to join the co-op, potential members must purchase one of two investment share options along with a $25 membership share. Option A is a $2,000 investment share in the co-op and option B is a $5,000 share.
Upon incorporation a $2,000 investment will return a minimum of one per cent a year, with the $5,000 investment returning 2.5 per cent a year. Members will also receive a patronage dividend, paying out a yearly percentage to members based on money spent at the Dream Café by the member that year.
When the minimum $350,000 is raised, current owners Pierre and Debra Couture will both be members with class B investment shares. Pierre will also sit on the initial board of directors.
“The management will not change,” Swales said.
The board of directors will also include Bill Carpenter, former owner of Hillside Winery and Bistro, Brian Chadwick, owner of A and A Propane Delivery Service in Summerland, retired lawyer and former Summerland mayor Tom Johnston, and Swales will be on the board as well.
“I’ve been in the background having things bounced off me since day one, and loved every minute of it,” Swales said.
There is an open position for general manager in training. Who will take the position and when will be left up to Pierre.
The next information session on the co-op is Jan. 25 at the Dream Café at 1:30 p.m. More information on the co-op can be found online at www.dreamcafe.ca.
Attendance at the information session, which is expected to draw another 75 people, can be confirmed online or by phoning 250-490-9012.