Acronym. In independent film, a request for cast and crew to Be On the Look Out for a shoot LOCAtion, impliedly one that will not charge a fee.
Adapted from police term BOLO, be on the look out for.
Alternate use, a request to any group to look for an event location.
Cancel the LOCABOLO for the dance studio, we're filming it in a bar instead.
If I don't get any answer to my LOCABOLO the fundraiser will have to be cancelled.