Penticton City Council has agreed to a 20 year contract with a private sector operating company.

Council voted unanimously Monday to enter into an agreement with Global Spectrum to operate the South Okanagan Events Center, Penticton Trade and Convention Center and the Memorial Arena for the next 20 years.

The contract is expected to be signed before the end of the month and will include four, five-year terms.

Plans also call for a $2 facility fee added to tickets for events at the SOEC.

These funds will be directed into a capital reserve fund to help pay for any future maintenance and other upgrades required in the future.