Lethbridge and District Exhibition financial fallout: potential property tax increases, millions in loans [Video]

LETHBRIDGE –

Lethbridge residents could see a property tax increase as the City of Lethbridge continues to deal with the financial fallout of the Lethbridge and District Exhibition (LDE).

In a presentation made to the city’s economic and finance standing policy committee Wednesday, chief financial officer Darrell Mathews said in order to operate the new Agri-Food Hub and Trade Centre, it would cost $4.1 million per year—roughly $11,000 a day.

To deal with the increase in cost, city council is now considering increasing property taxes by 2.2 per cent in 2025 on top of the already approved 5.1 per cent.

Broken down, the tax increase would be about $60 per year for a single-family residence.

Mathews’ presentation showed there is an outstanding bank loan of $17.3 million with a set 5.1 per cent interest rate, with a total cost of $30 million still needing to be paid.

“We’ve looked at all these …