A new lease agreement between the City of Lethbridge and the Lethbridge Hurricanes received approval from City Council today.
The 17 year agreement is retroactive for the past two seasons and makes the ENMAX Centre the WHL club’s home venue for at least the next 15 years, through the end of the 2028-29 hockey season. Negotiations between the hockey club and the City of Lethbridge began in April 2011.
“Throughout the negotiation process, the City has been committed to reaching an agreement that recognizes the value of keeping a Western Hockey League franchise in Lethbridge while remaining fair to both parties and cost-neutral to the City,” said Mayor Chris Spearman.
The new agreement includes a limited risk-reward structure that will result in fluctuating annual lease payments to the City of Lethbridge based on 12 per cent of net ticket revenues each season. Also included is a commitment by the Lethbridge Hurricanes to pay the remainder of the club’s $2.5-million capital contribution to the ENMAX Centre renovations in 13 annual installments of $166,667, beginning in 2016. Two initial installments have already been paid.
(From City of Lethbridge)