(Supplied by Exhibition Park)

By David Opinko

City approves $42-million for Exhibition Park expansion

Aug 24, 2020 | 4:13 PM

LETHBRIDGE, AB – A major hurdle for Exhibition Park’s new Agri-Food Hub and Trade Centre was cleared Monday.

Lethbridge City Council approved a few motions to help finance the 268,000 square foot project.

This includes:

• A 30-year non-tax-supported $17.8-million loan that will become available in 2022
• The execution of a motion from 2017 to provide a $25-million grant
• Approval of a site lease to Exhibition Park for 50 years
• $3.8-million in debt owed to the city will be forgiven in exchange for 155.71 acres of land that Exhibition Park currently owns

“This Exhibition Park Agri-Food Hub and Trade Centre will be a major economic catalyst for Lethbridge,” says Mayor Chris Spearman. “We are thrilled to be moving forward with this project without any additional impact to our taxpayers.”

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Construction is set to begin in the spring of 2021.

More details to come.