(rdnewsNOW file photo)

By Alessia Proietti

Regaining financial sustainability

Red Deer city council approves Westerner Exhibition Association Loan Bylaw; financial aids

Apr 17, 2023 | 11:12 PM

Red Deer city council has agreed to help the Westerner Exhibition Association (WEA) regain financial sustainability in order to meet existing loan agreement timelines.

At their meeting on Monday, council approved second and third reading of the WEA Loan Bylaw to support shorter-term funding requirements.

The City says the loan is intended to support short-term cash flow for the Westerner by providing a $1 million line of credit for WEA to cover expenses prior to realizing event revenue.

The City says the contingency loan is seen as emergency funds, with an expectation for it to be paid back once revenue is realized and only used after their current line of credit.

Council also agreed to amend the repayment formula for the $19 million Exhibition Hall loan agreement for five years to eventually meet the 30-year loan payment deadline.

local man seeking to prevent closure

Judge's decision pending in overdose prevention site injunction case

14h ago

JAN. 15 NUMBERS

Pigeon Lake residents pocket $100,050 in lotto win

16h ago

HALF OF RECOMMENDED RATE

Red Deer County council approves modest base pay increase for mayor and councillors

17h ago

In December 2019, the Westerner reached out to the City for assistance with its fiscal challenges due to the expansion of the facility, with Exhibition Hall costing around $23 million, major event contract negotiations, and the COVID-19 pandemic.

READ: Red Deer city council helps Westerner Exposition Association towards financial sustainability

For local news delivered daily to your email inbox, subscribe for free to the rdnewsNOW newsletter here. You can also download the rdnewsNOW mobile app in the Google Play and the Apple App Stores.