Ex. Park asks Lethbridge City Council for $17.8 million loan for redevelopment
Artist rendering of a redeveloped Lethbridge Exhibition Park. Photo credit to Ex. Park
Lethbridge Exhibition Park outlined plans to City Council Monday afternoon (Aug. 10) regarding a $70 million redevelopment project.
A few weeks ago, the provincial government committed $27.8 million toward the planned agri-food hub, trade centre.
The majority of the footprint for this project sits on the east side of Parkside Drive on the former Henderson Lake Campground site. The exhibition doesn’t own the land.
Exhibition Park’s Chief Operating Officer, Mike Warkentine asked Council for a $17.8 million loan over 30 years to complete the project. The loan, if approved, would be paid for by the exhibition. “There is no tax support required and no additional operating subsidy required on this loan,” Warkentine told Councillors.
Council decided instead to postpone a decision for two weeks, until August 24th.
If all works out, it’s expected that permitting and tendering will happen this coming winter with site preparation and construction starting as early as spring 2021.
A couple years ago Lethbridge City Council included $25 million through the Capital Improvement Plan.