Province has Agreement in Principle for Sale of Exhibition Park

The province has an agreement in principle with Banc Properties for ownership of Exhibition Park in Halifax.

"We know the park is important to the exhibitors and the public that use it and I'm happy to report that the agreement stipulates continued operation of the Exhibition Park in partnership with the Exposition Managers Society of Nova Scotia," said Geoff MacLellan, Minister of Transportation and Infrastructure Renewal. "This is a good business opportunity - we're moving out of the way to let the private sector take the lead."

The province consulted with the Exposition Managers Society of Nova Scotia before making a decision on proposals submitted for the property.

"We have been involved in virtually every step of the way," said Jim Gourlay, executive director of the Exposition Managers Society of Nova Scotia. "The needs and wishes of the industry were clearly understood by government and were incorporated into the criteria for the eventual sale of the facility to the private sector."

The property includes 112 acres of land and the Exhibition Park structure. While other components of the deal still need to be finalized, the negotiated price is $2.5 million, with the understanding that the new owner will assume costs of necessary renovations and repairs. The province estimates those immediate costs at $3 million.

Future event bookings will be facilitated through the new owner.