Local music venue Hugh's Room Live has launched a campaign to raise funds after relocating to new digs in 2023.

The venue announced on Wednesday that it has launched a community bonds program, turning to the public in an effort to raise funds and pay off debts related to the recent move.

Hugh's Room hopes to raise a staggering $2.8 million to discharge private mortgage debt the venue took on last July to finance its purchase and conversion of a historic church at 296 Broadview Avenue, where it reopened in September 2023.

The venue seeks to raise $1.3 million of this total through its new community bonds program. Hugh's Bonds are being offered for minimum donations of $1,000 to support live music and artists while earning a return on investment over time, with interest rates as high as 4 per cent.

"We've intentionally introduced this series of bonds to make them accessible to a wide range of people who want to invest in the future of live music. Hugh's Bonds are asset-backed and offer a competitive return at the end of each year," said Brian Iler, chair of the board of Hugh's Room Live.

It's not the first time Hugh's Room has sought public support. The 2023 move — which the venue's Board determined was the only path forward for Hugh's Room — was secured with over 1,000 donations from locals and patrons.

The move followed a long saga that began in early 2017, when Hugh's Room shuttered over financial issues, reopening that spring through the help of community fundraising efforts.

The venue was forced to seek a new home in 2020, citing rising lease rates. Rising commercial lease rates drove Hugh's Room to look for its own property, purchasing the historic church where it has since hosted over 100 shows and supported more than 700 artists.