The Medicine Hat Exhibition and Stampede (CHAT News file photo)

By Eli J. Ridder | @EliRidder

CITY COUNCIL

City council delays decision on Stampede upgrade funds until it gets more details

Nov 6, 2023 | 7:29 PM

MEDICINE HAT, AB – It’s not a “no”, but council needs more details to make a decision.

City council on Monday deferred a decision on the Medicine Hat Exhibition and Stampede’s request for $22.5 million in funding from the City of Medicine Hat until city hall receives more information about the company’s plans.

“It’s obvious that there’s things that are missing from the information that I know has been requested,” Coun. Andy McGrogan said.

McGrogan, who represents the city on the Stampede’s board, hailed the request from the organization as “a big ask”, but wasn’t against approving the funds in the future.

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“I hope to support this one day,” he said at council.

Coun. Ramona Robins agreed.

“I really want to be supportive of the stampede and I want to be supportive of their plan,” Robins said, pointing to some of the provincial funding the Stampede has already received as an indication the cash is a worthy investment for the city.

“I want to do all those things but I find that some of the information that we’ve requested is really important to me — not so much on the grant side but on the loan side — to better understand what the business plan is to repay that loan.”

The Stampede is asking for the city to cover a combined 60 per cent of the $37.5-million project to build a 500-seat multi-purpose facility and other upgrades.

The not-for-profit Stampede wants 40 per cent of that funding to come through a grant from Medicine Hat and 20 per cent from an interest-free loan. That would mean a total of $22.5 million from the city, with $15 million as a grant and $7.5 million as a loan.

The Stampede hopes to get the remaining 40 per cent from the Alberta government.

Council voted unanimously to follow the administration committee’s suggestion that it wait to make any decision until the Stampede provides a business plan, five-year expense projections and a blueprint for repaying the requested loan, among other items.

‘NOT WITHHOLDING FOR ANY MALICIOUS REASON’

Coun. McGrogan told CHAT News the Stampede wasn’t intentionally holding back its future plans.

“They’re well intended, great folks, but we’re talking about a lot of money that they’re asking from the taxpayer,” McGrogan said after the council meeting.

Coun. Andy McGrogan speaking to CHAT News after a city council meeting on Nov. 6, 2023. (CHAT News photo)

“I think they’re at the point where they’re understanding it and they’re going to get us the information. They’re definitely not withholding it for any malicious reason.”

Monday night’s meeting was a way to drive home the need for more details, McGrogan explained.

“It gave everybody notice that we need more information in order to make the best decision possible for our taxpayers.”