The CCDA has accepted an offer from the CIty of Medicine Hat to purchase the Monarch Theatre (Tiffany Goodwein/CHATNewsToday)

By Tiffany Goodwein

City to buy Monarch Theatre

Jun 21, 2021 | 10:05 PM

MEDICINE HAT, AB- The City of Medicine Hat will purchase the Monarch Theatre. At Monday’s council meeting it was revealed the City Centre Development Agency has accepted an unsolicited offer to buy the historic property.

The city has purchased the theatre for $205,000, minus the $60,000 interest-free loan that was forgiven by the city, for an ultimate cash purchase price of $145,000.

The offer comes as the CCDA is set to dissolve on June 30.

Mayor Ted Clugston said the city made the quick decision to purchase the theatre in order to take control of the assets while they can.

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“We were afraid, first of all this is unprecedented, having a BIA dissolve and what to do with an asset. So if they were to dissolve on June 30, it would basically be a stranded asset and revert to the province. So now the province has this asset under the MGA (Municipal Government Act) and now anyone can buy it. So what if a real estate investment trust out of Toronto or Vancouver just decided to purchase it and hold it and didn’t look after it?” he said.

Clugston said the purchase of the theatre will allow for more time to find a suitable operator

“The city does not want to operate this building. We would want it to remain as a theatre and an attraction for downtown. We do not want it to sit vacant. But we don’t want to run it so perhaps, a social enterprise, a service group, Friends of the Monarch,” Clugston said.

Once an operator is found, Clugston said, one of the options is to eventually sell the theatre. He said the city having ownership would ensure that a proper sale occurs.

Trish Richard, Operations Manager of the CCDA said in a statement that she is pleased with the city’s decision to purchase the theatre

“The CCDA is grateful to the city for ensuring this historical asset remains operating and viable in our community. Our mission to see Monarch thrive has not changed and we hope this transfer will bring many opportunities for its future,” Richard said.