Exhibition Hall at Westerner Park. (rdnewsNOW/Jordan Rein)

By rdnewsNOW staff

not forgiveness of loan

Suspension proposed for Westerner Park’s loan with city of Red Deer

Nov 29, 2024 | 3:24 PM

Red Deer city council will review the current loan and partnership agreement it has with the Westerner Exhibition Association (WEA), at its meeting on Dec. 2.

Specifically, council will consider a bylaw amendment to the existing $19 million loan agreement, and receive information from the agreement’s annual review.

“The Westerner Exhibition Association is a vital part of our community and economy,” said Tara Lodewyk, City Manager. “This adjustment is not about reducing or forgiving WEA’s loan, but rather a change that gives WEA more time to recover as we remain committed to supporting their long-term success through collaborative measures and strategic investments.”

The proposed amendment would suspend interest and principal payments on the loan, which was provided in 2021.

The suspension is intended to provide additional time to achieve financial stability while the WEA continues to host 1,500 events and 1.5 million visitors each year.

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The city says that such a suspension aligns with ongoing financial contributions and recovery planning efforts by the city, Red Deer County, the Government of Alberta, and other stakeholders.

If the bylaw amendment passes first reading, second and third readings will follow after the required two-week advertising period.

Key highlights from the review include:

• Active communication and collaboration between the city manager, WEA’s CEO, and board members.
• Progress on multi-year capital planning and the development of a 15-year Master Plan.
• Continued alignment between WEA’s objectives and the city’s strategic direction.
• Proposed updates to the agreement include refining expectations around tracking interactions and clarifying the City Liaison’s role to better reflect practical implementation.

For more information, visit reddeer.ca/councilagenda.