The City of Abbotsford announced Thursday that it had signed a new contract with Global Spectrum, which operates the Abbotsford Centre.
The deal, which will take the place of the two parties’ previous 10-year agreement, will run until June 30, 2019.
The city says it will save Abbotsford more than $300,000 per year by reducing Global Spectrum’s management fee and decreasing the projected subsidy required through new financial efficiencies.
It will also allow the city to cancel the agreement, with a one-year notice, if Global Spectrum fails to meet its budget.
The city will also have the right to veto any events booked for the centre that will not make money or which it deems inappropriate.