Regina to take direct control of Evraz Place
The city of Regina is planning to take full control of the exhibition association that operates the facilities at Evraz Place, the main exhibition grounds.
Currently, a 400-member organization — the Regina Exhibition Association Limited, or REAL — controls Evraz Place.
It leases land, owned by the city, for $1 per year and operates several sporting venues and exhibition halls, as well as an annual summer fair.
According to materials prepared for a Monday night meeting of Regina city council, the value of the land and buildings currently controlled by REAL is over $100 million.
Despite that, the city only has two voting members on REAL's 15-member board of directors.
City administrators say the current set-up is out-dated and out-of-step with modern business practices.
"At the time of its incorporation [in 1907] the primary purpose of REAL was to promote and support the agricultural industries and sciences," officials say in their report on the issue. "Clearly, the scope and diversity of REAL's current business operations have outgrown this narrow definition of its objectives."
The city says converting REAL to a non-profit corporation, owned by the city, will provide a more modern governance structure and greater accountability and transparency.
The move has already been approved by the current members of REAL.
The city also plans to give the new corporation a new name.