A closer look at the Facility Condition Audit, completed by MPE Engineering (2009) indicated that 10 buildings on site were at the time, ten years ago beyond their useful life.
Ten buildings, were approaching the end of their useful life. It is key to point out that the buildings highlighted in bold were where the $4.6 million loan and grant were used to upgrade the facilities.
Only two elements of the Park were considered to be in good condition. One was the main pavilion, which at the time was only ten years old. Additionally, the general site maintenance, which essentially meant that we had really nice fences and cut grass.
One other important element to point out that during this same timeframe it was determined that to meet industry standard, Exhibition Park would require an additional 100,000 ft^2. Which represents, plus the replacement cost of the existing facilities a $75 to $80 million dollar price tag.
One of the elements that was looked at by MNP originally in 2011 and then updated in 2018 was market comparisons. It was deemed that the most comparable markets in terms of industry activity were in 2011 Westerner Park in Red Deer and Prairieland Park in Saskatoon. In 2018, it was updated to include Evergreen Park in Grand Prairie for some of the business that they have been able to attract since building their facility. One other thing to note is that each of these markets have newer facilities than exist here in Lethbridge.
As you can see, the addition of the EXolution project at Exhibition Park will significantly put us in line with our industry competitors.
When the money to get this project ready was awarded in 2017, Exhibition Park was told to have a construction ready plan for this year. Exhibition Park has delivered.
-Design drawings are at 30%, meaning that the EX could proceed with site preparation and engineered fill for the site today, if the organization had the go ahead. By September, Exhibition Park will have a fully tenderable set of drawings which mean they could start this project as soon as the next trip into see City Council.
-Long-term operations model, which Exhibition Park believes to be conservative has been completed in partnership with MNP
-Financing plan is in the final stages and will be ready to present in September. This is an entirely different approach than Exhibition Park has taken to financing this project in the past; and
-Lastly, over the next couple of months, Exhibition Park will be rolling out multiple stakeholder engagement sessions meant to further educate and inform members of the community on the progress of this project.