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By Josh Hall (Twitter: @Vancan19)

underutilized

Sale of Ponoka Kinsmen Community Centre becomes official

Apr 7, 2019 | 10:46 AM

The sale of the Kinsmen Community Centre is going ahead with the signing of a sale and construction agreement between the Town of Ponoka and Cash Foods Ltd.

The agreement received the blessing of town council on Feb. 12, but was subject to an actual signed agreement.

The sale also includes approximately 1.26 acres of land surrounding the community centre.

The Town says the sale is worth $510,000. Its appraised value as of August 2018 was $500,000.

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Once the subdivision process has been completed, Cash Foods Ltd. will begin external renovations to the centre.

“The fact that we are seeing this investment and expansion of retail and commercial space in our downtown is very positive for this community,” says Ponoka Mayor Rick Bonnett.

“Selling the building to Cash Foods Ltd. will increase the amount of commercial and retail activity downtown, bringing more people to shop and work in downtown Ponoka. It will also generate new assessment and increased tax income for the Town going forward.”

Bonnet adds that the sale of the building was necessary due to its underutilization and consistent operating losses over the last several years.

Financials from 2013 to the end of 2018 show an annual operating deficit averaging $15,300.