City to Purchase Monarch Theatre from CCDA
Medicine Hat – The City Centre Development Agency (CCDA) has accepted an unsolicited offer from the City of Medicine Hat to purchase the Monarch Theatre.
With the disestablishment of the CCDA effective June 30, 2021, the City of Medicine Hat made the unsolicited offer to purchase the valued historic asset – and key component of the City of Medicine Hat’s Waterfront District vision – to ensure the preservation and appropriate future operation of the site.
“The City has a vested interest in supporting a successful downtown, particularly as we pursue plans to create a vibrant Waterfront District,” said Dennis Egert, Managing Director of Corporate Services and CFO. “Selling the property to the City of Medicine Hat provides both the CCDA and the Monarch Theatre with a stable solution, particularly with the time constraints presented due to the disestablishment of the CCDA on June 30,” added Egert.
The City is already exploring how to realize the full potential of the building and will examine several options including: actively market the property with the intent of finding a suitable buyer to carry on the Monarch’s important legacy, or maintain ownership of the asset and seek an appropriate contractor or social enterprise resource to operate under prudent terms and conditions.
“This approach will allow the required time to ensure the future of the Monarch is carefully considered, so we’re pleased that the CCDA was receptive to our offer,” said Egert. “Ultimately both parties want to see the theatre be successful and remain a notable part of the downtown experience.”
For media inquiries, please contact:
media@medicinehat.ca
With the disestablishment of the CCDA effective June 30, 2021, the City of Medicine Hat made the unsolicited offer to purchase the valued historic asset – and key component of the City of Medicine Hat’s Waterfront District vision – to ensure the preservation and appropriate future operation of the site.
“The City has a vested interest in supporting a successful downtown, particularly as we pursue plans to create a vibrant Waterfront District,” said Dennis Egert, Managing Director of Corporate Services and CFO. “Selling the property to the City of Medicine Hat provides both the CCDA and the Monarch Theatre with a stable solution, particularly with the time constraints presented due to the disestablishment of the CCDA on June 30,” added Egert.
The City is already exploring how to realize the full potential of the building and will examine several options including: actively market the property with the intent of finding a suitable buyer to carry on the Monarch’s important legacy, or maintain ownership of the asset and seek an appropriate contractor or social enterprise resource to operate under prudent terms and conditions.
“This approach will allow the required time to ensure the future of the Monarch is carefully considered, so we’re pleased that the CCDA was receptive to our offer,” said Egert. “Ultimately both parties want to see the theatre be successful and remain a notable part of the downtown experience.”
For media inquiries, please contact:
media@medicinehat.ca
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