Vancouver seeks to shut down Gastown tourist attraction

The City of Vancouver revealed in court Tuesday it wants a downtown tourist attraction that owes taxpayers $5 million shut down.

The owners of Storyeum, an entertainment complex located five storeys beneath the cobbled streets of Gastown, are in B.C. Supreme Court asking for an extensionof protection from their creditors.

The company was granted a brief period of protection last month and Storyeum's owners want to extendthat to Oct. 28.

Storyeum owes the city nearly $5 millionin back rent, loans and construction costs, in addition to $1 million the city says it has already written off.

When it opened, Storyeum boasted that it was a unique experience a combination of live theatre and a museum where history came to life.

But a lawyer for the City of Vancouver said that Storyeum isn't a viable business.

Court heard that the tourist attraction paid its monthly rent only once since 2003, when the lease was originally negotiated.

The city is Storyeum's landlord and has terminated the company's lease.

Owners for Storyeum said an investor has come forward and the company needs time to restructure its finances.

Storyeum cost $22 million to build, opening its doors for business in June 2004.