The City of North Bay and the North Bay Battalion have revised their leasing agreement of Memorial Gardens.
The city and Battalion entered into a 15-year contract when the team came to the city in 2012.
The revisions were confirmed late Tuesday night by city council.
As part of the new agreement, the city will pay back the outstanding $3.99 million owed to the Battalion through a $5 million, interest-free loan for arena upgrades to Memorial Gardens.
The agreement also eliminated a clause that would have allowed the Battalion to end the contract if ticket sales fell below $750,000 annually for three consecutive years; however, the clause was never exercised.
“This new agreement simplifies and streamlines our partnership with the North Bay Battalion and enables us to continue our valued relationship with the team,” stated Mayor Al McDonald. “The North Bay Battalion benefits our community in a number of ways. Not only is the club a source of civic pride, it provides local employment, generates economic activity and supports many charitable and non-profit organizations.”
The updated agreement will now see the city have exclusive rights to all advertising during “city-run special events”, sharing revenues generated through on-ice advertising and arena naming rights with the Battalion.
The city will also add a $2.50 fee on top of ticket prices for special events, which will be used to fund arena renovations.
“We look forward to continuing our relationship with the City under the updated agreement,” said Battalion owner Scott Abbott. “It’s important for us as our players enjoy North Bay and we all appreciate the loyalty from our billets, fans and corporate supporters.”
The updated agreement came into effect upon signing.
