Stampede general manager Ron Edwards addresses a February council meeting during discussions of potential funding from the city for upgrades.--NEWS FILE PHOTO
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The City of Medicine Hat is ready to offer the Medicine Hat Stampede half the costs of a grandstand replacement and expansion, if the ag society considers a smaller design envelope, puts more direct cash toward to the cost and avoids a no-interest loan in an original financing deal with provincial approval.
The issue returns to city council Tuesday, about five months after a similar city proposal was discussed, outlining two physical options they’d like to see to revamp the grandstands and add hosting space and upgrades to a kitchen the Stampede says is badly needed for bringing in new revenue.
A potential third option now would see the city lead design, and pay the $250,000 expected cost, but which administrators say could cut the $40-million potential cost in half.
That would lower a city portion to $10 million, though the Stampede Board would need to raise $2 million, rather than use a city loan, while the province would cover the balance.
Reaction from the Stampede is expected this week.
The offer aligns with general discussion last fall at council, when the four-year-old proposal was last discussed.
On Tuesday they would offer to update plans toward a 2026 construction date to tear down and replace one grandstand and upgrade another.
Stampede officials had said a decision is needed this spring for engineering studies to still be current as construction started this summer after the late July Stampede rodeo.
In the winter, the city proposed covering up to 50 per cent on the cost, up from 40 per cent, if the Stampede could launch a fundraising campaign and seek grants to cover the remaining 10 per cent.
That, according to staff analysis, would leave the city in a better financial position over time.
Senior staff and councillors have appeared increasingly concerned with the proposed “no-interest” loan portion, which they say would remove cash from interest-bearing reserve accounts.
The general financial plan calls for investment income to fill a portion of project costs on the horizon, including a south-side recreation facility that could cost $100 million to build in the next council term.
Council could also hear further analysis provided by energy division officials on the potential of creating a municipally controlled corporation to oversee the electricity generation business. The matter was discussed last week in closed session after council ordered the further review in April. Council will be asked to approve the issue moving to a public hearing this summer.
For the third straight meeting, council is set to discuss whether the city should cover $76,000 in legal bills incurred by Mayor Linnsie Clark who successfully challenged a judicial review of council-laid sanctions against her. The matter has been postponed twice at previous meetings by Clark, who cited timing issues.
Council will also hear a previously postponed presentation on a new Transportation Masterplan.
