Lethbridge exhibition group seeks more money for ag hub
By MEDICINE HAT NEWS on December 1, 2023.
https://www.medicinehatnews.com@MedicineHatNews LETHBRIDGE The Lethbridge and District Exhibition has asked that city to help cover cost overruns at the Agri-food Hub and Trade Centre, the funding model for which is the basis of a similar proposal in Medicine Hat. Mike Warkentin, CEO of the Lethbridge Exhibition, told that city council that a capital grant of $6.74 million is needed or a smaller capital grant coupled with four-year deferral on a city-arranged loan. That is after the original $70.6-million budget to build the 200,000 square-foot conference centre rose to $77.3 million. The province and Lethbridge each dedicated grants of $25 million each, equal to 40 per cent, and the remainder was debt-financed. After the 2020 agreement however, lending rates available to the city rose from 2.23 per cent to 5.11 per cent when the loan was accessed in June 2023. That adds $350,000 to the annual blended payment. The Exhibition is also dealing wth $400,000 in unbudgeted operating costs related to its old pavilions, and it expects tourism and rental market to remain slower than expected. Medicine Hat city council was presented with a similar funding arrangement proposal by the Medicine Hat Exhibition & Stampede this fall as the local ag society plans a $35-million renovation and expansion to its grandstands. One grandstand would be completely replaced, the other renovated, with a new commercial kitchen and event hosting space added between the grandstands and Higdon Hall. This month city administrators recommended halted analysis until the Stampede board provided further information. 11-10
