PENTICTON — The City of Penticton and Global Spectrum have signed a letter of intent to finalize terms for a new, 5.5-year contract for the management of the South Okanagan Event Centre complex.

“This was an exhaustive review of SOEC complex management, and we are incredibly pleased with the outcome,” said Acting Mayor Garry Litke. “Global Spectrum has proven its commitment to performance, accountability and providing value to the community. The new contract confirms that the SOEC complex is on the right track.”

A request for proposals (RFP) was issued in March for the management of operations, marketing, food and beverage services, and ticketing. There were five bids, and those proposals were extensively reviewed by a selection committee comprised of Council members, staff and members of the community. Of the proposals, evaluation of Global Spectrum’s proposal scored the highest.

The new contract will consolidate four agreements into two – for facility management and ticketing. The streamlined agreements will significantly reduce the City of Penticton’s contribution to the facility, building on the $1 million operational savings achieved since 2009.

An economic impact study of the facilities found more than $33.9 million in economic activity is generated locally as a result of events held at the SOEC complex. Penticton Trade and Convention Centre delegates spend more than $12 million annually in Penticton, while people who attend SOEC events like concerts spend more than $6 million in the community. The economic spinoffs of this complex support an estimated 360 jobs in the region.