Photo: City of Penticton

Peter Urbanc, CAO with Municipal Finance Authority; Katie Robinson, Councillor; Jack Kler, former Director of Corporate Services/CFO; John Vassilaki, Mayor; Jake Kimberley, Councillor; Frank Regehr, Councillor.

The City of Penticton has now fully paid off the mortgage for the South Okanagan Events Centre.

Completed in 2008 at a total cost of $81.2M, the SOEC was funded by a $39.2M loan from the Municipal Finance Authority of British Columbia, in addition to $22.5M from the provincial government, $13.9M from city reserves and $5.6M from other sources.

As of the end of 2018, all debt related to the construction of the SOEC building and $7M to relocate the Queens Park fields has now been retired.

“The successful completion of a project of this scale and magnitude for a community of 33,000 people was a notable achievement when the South Okanagan Events Centre opened," said Penticton Mayor, John Vassilaki.  “That achievement has continued forward to today thanks to prudent financial planning that enabled the construction of the SOEC to be paid in full only ten years later.”

A study earlier this year found the facility generated about $10.2M in spending by event participants. While the number of events held at the SOEC has grown steadily to 245 in 2017, the complex continues to operate at a loss that’s floated a little over $1 million for the past few years and requires subsidization.

“The South Okanagan Events Centre has become an economic driver for Penticton, and now its construction has been paid for," said city councillor Jake Kimberley.  “This is a great Christmas present for our community.”