Nearly 50 years after it was first signed, the Citadel Theatre’s lease with the city will expire in September. One way or another, Edmonton will take over the building.
The Citadel Theatre 's lease is about to expire and it will require the City of Edmonton to take over the building. As Breanna Karstens-Smith reports, that will come with tens of millions of dollars in repair bills.
As per the original agreement, once the lease expires at the end of September, the city will be responsible for the building.It would see the Citadel continue to look after the janitorial duties, utilities, insurance, security and property taxes of the theatre.Edmonton Mayor’s Awards: Citadel Theatre nominated for accessible homes and buildings
In a report presented to executive committee on Friday, administration said the city expects it will need $375,000 for tools and other items as it takes over operation and maintenance.It’s estimated operating funded repair and maintenance would cost another $1.36 million each year.The report says capital renewal costs over the next decade are estimated to be about $56.2 million and $131 million over the next 25 years.
“So this is not about whether we can do or not do it, it is about the best way to do it,” Mayor Amarjeet Sohi added.The Citadel has seen traffic increase as of late. It expects to bring in $14 million in revenue during the 2023-2024 fiscal year, thanks to an estimated 120,000 visitors.
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