The Edmonton Galleria Foundation and the City of Edmonton have signed a Memorandum of Understanding (MOU) that details the responsibilities of both parties regarding the City of Edmonton’s contribution to the Edmonton Galleria.
“We are pleased to have reached an understanding with the City that will enable us to move forward in providing affordable, accessible and state-of-the-art performing arts space that will benefit the creative community,” said Dr. Dianne Kipnes, Chair, Edmonton Galleria Foundation. In addition to the City’s contribution, the Edmonton Galleria Foundation has gathered commitments of $50M from the private sector.
The City’s $58.3M contribution involves:
- Up to $7.5M towards the estimated $30M for design and construction of the pedway from the Churchill Station LRT to north of 103A Avenue.
- $42.5M for land related to theatre development (the City will hold titles to the land).
- Transfer of the former Edmonton Reuse Centre and a roadway closure to the Foundation, valued at $8.3M.
The MOU makes it clear that the City’s contribution is conditional on a number of factors that minimizes the City’s risk.
“Edmonton’s vibrancy can be enriched by bringing more students, artists and audiences to the heart of our city. A social enterprise approach, like that envisioned by the Edmonton Galleria Foundation, is innovative and can support the endurance and accessibility of arts and culture venues and programs. The new phased approach is prudent and allows the vision to be realized over time subject to reasonable milestones being met,” said Mayor Don Iveson.
The Foundation confirmed in the MOU that:
- The project will be developed in phases.
- The City of Edmonton will hold title to the performing arts theatres.
- Excess revenue from Edmonton Galleria commercial development (after paying operational costs and debt servicing) will be directed to the Edmonton Cultural Trust for reinvestment in arts and culture in Edmonton.
- The Foundation will be solely responsible for the ongoing operation and maintenance of the Edmonton Galleria facilities.
The Foundation and the City will develop a Community Benefits Agreement that sets out policies and guidelines for community-based improvement opportunities and/or a community-based advisory committee.