City of Lethbridge invests $25 million, Approves $17.8 million loan for Exhibition Park Agri-Food Hub Redevelopment

Lethbridge, AB – The investment in the development of an Agri-Food Hub and Trade Centre at Exhibition Park will showcase Canada’s Premier Food Corridor, generate skilled-labour jobs, expedite trade, create market access and generate new investment opportunities.

Today, Lethbridge City Council voted in favour of four motions relating to the long-discussed redevelopment of Exhibition Park:

  • Approval of a non-tax supported 30-year loan in the amount of $17.8 million loan to Lethbridge & District Exhibition (“Exhibition Park”). This loan will be supported by the ongoing and future operations of Exhibition Park.
  • Execution of a motion from 2017 to provide a grant of $25 million to support the redevelopment of Exhibition Park.
  • Approval of a site lease to Exhibition Park for 50-years.
  • Approval of debt forgiveness for outstanding amount owed to the City of Lethbridge in exchange for the land that Exhibition Park owns within the city limits.

This approval follows the Government of Alberta announcing that as part of Alberta’s Recovery Plan it would invest $27.8 million in the development of the Agri-Food Hub and Trade Centre on the site.

Exhibition Park will now enter the re-zoning and permitting processes, with tendering for the project expected in early 2021. Ground-breaking and site construction is expected to begin in Spring of 2021.

Exhibition Park is committed to bringing Lethbridge and the Southern Alberta region together through Agriculture, Entertainment and Commerce. As the region continues to evolve and grow, our ability to adapt to the changing environment reflects that commitment.

– 30 –

CONTACT

For more information, please contact:
P: 403-328-4491 | F: 403-320-8139
info@exhibitonpark.ca
3401 Parkside Drive South Lethbridge, AB T1J 4R3