The city says it is in advanced talks regarding potential sale of the Monarch Theatre.--NEWS FILE PHOTO
cgallant@medicinehatnews.com@CollinGallant
City hall is in advanced talks to sell the Monarch Theatre to an new operator with more news expected at the end of September, the News has learned.
Administrators updated members of a city council committee Monday after the item and potential sale of the historic cinema on Second Street downtown was added to the agenda.
Most discussion occurred in closed session – the matter is still being negotiated – but senior officials said the sales process, scheduled to conclude in the early fall, is moving forward.
“It is in the process,” public services division managing director Brian Mastel told the News, adding the city is now in talks with a single party toward the sale of the theatre.
The other condition is that future operations fall in line with a general effort laid out in the municipal development plan to encourage more public businesses, activity and events in the city centre.
The theatre was bought by the city in the summer of 2021 when previous owner, the City Centre Development Agency was disbanded by members and the assets risked being transferred to the provincial government.
The city paid $145,000 for the theatre and forgave the remaining $60,000 of a $200,000 loan which financed the CCDA’s original purchase in 2009. That made the city’s total consideration $205,000, which council and staff at the time said would keep the ownership local.
The cash received by the CCDA was donated to a business development endowment fund by the group’s board of directors.
The city put out a call for proposals in the spring and received eight submissions.
Event this weekend
In the open portion of Monday’s meeting, council members heard the nearly 111-year-old theatre will be part of an “Alberta Day” observance this Saturday.
The new recognized date was adopted by the provincial government last fall to commemorate the date in 1905 on which Alberta became a province.
The city has qualified for a grant from the province toward the event, though details were not presented.
City staff organizing the event are still finalizing which movies will be presented.
