The future of a Vancouver tourist attraction remains uncertain after a hearing Tuesday in B.C. Supreme Court.

The owners of Storyeum, an underground entertainment complex in Gastown, are seeking to extend the venue's protection from creditors, including the City of Vancouver.

Shelley Fitzpatrick, the city's lawyer, told the court that the tourist attraction isn't a viable business. She said the city is owed millions of dollars, and as the venue's landlord, the municipality wants to cancel Storyeum's lease.

City taxpayers have provided more than $5 million to Storyeum, none of which has been paid back, Fitzpatrick said, adding that the city has already written off more than $1 million of Storyeum's debt and the venue has only paid its monthly rent once since opening two years ago.

Storyeum management argued they can still turn things around. 

The company says a multinational firm is considering investing in the attraction and owners need more time to organize Storyeum's finances.

"How do you know it's going to work in the future? I don't think anybody knows for sure," Storyeum president Danny Guillaume told CBC News. "But I believe in it, to the bottom of my heart I believe in it."

City first in line

Vancouver Coun. Peter Ladner said that even if the business fails, the city's investment isn't completely lost.

"It's not like we're going to have to pay back $6 million," he said. "Part of the money was used to improve the premises which we have the first claim on as the landlord."

Ladner said the city is first in a line of hundreds of creditors, and if Storyeum shuts down, the city will take over the premises, including over $14-million worth of improvements done on the venue.

Ladner, who voted to invest in Storyeum, said council was counting on parking revenue generated by the attraction and was hoping Storeyum would help revitalize Gastown.

Storyeum cost $22 million to build, opening its doors for business in June 2004. The museum-theatre complex has multiple levels and depicts Canadian-B.C. history with actors.

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

A decision on Storyeum's protection extension will be made next week.