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- What Is The Current Status Of The Company?
- What Is The Status Of The HRA / AGLC License?
- What Does The Project Look Like Now?
- What Land Is For Sale?
- What Is The Zoning Of The New Land For
Sale?
- By Selling All The Excess Land Aren't
You Forfeiting Your Future?
- What About The Quality Of Phase 1 Of
The REC?
- What Are Your Costs Going Forward?
- Isn't The Racing Industry Better Off
Without UHA?
- Who Do I Contact For More Information?
1)
What Is The Current Status Of The Company?
We are in final discussions with a tangible, joint venture partner who would bring in the necessary funding to see a 150 room Hotel / Racino / Racetrack built at the Balzac site. Both sides have completed their due diligence and the potential partner is now negotiating funding with their lenders. While nothing has been finalized at this point we remain very optimistic that we will be able to issue something definitive soon.
2)
What Is The Status Of The HRA / AGLC License?
UHA has a 10 year license to race from Horse Racing Alberta (HRA). We are currently in stage 4 of 5 with Alberta Gaming & Liquor Control (AGLC). Stage 4 is a review of the projects financing while stage 5 is the actual granting of the license. Currently AGLC has a moratorium for the granting of new licenses. UHA is grandfathered. We continue to have good relations with both HRA and AGLC who both remain very supportive. In fact having a grandfathered AGLC license in an era of moratoriums combined with our unsurpassed location remains our greatest asset.
3)
What Does The Project Look Like Now?
Over the past 18 months UHA has scaled down the project to better fit into today's economic realities. We are now taking a phased approach. The first phase will see a single storey Racing Entertainment Centre (REC) built, along with a 1 mile race track and 6 barns. The main revenue sources (625 slot machines, simulcast betting and restaurant / bar) have been retained in the REC. The barns will hold 890 stalls. Phase II will see the expansion of the REC as funds become available in the future. UHA is much more grounded today. Our goals, our plans and our projections are more realistic and based on common sense.
New
REC East View
New
REC West View
Entire
Project Looking East
4)
What Land Is For Sale?
We need between 100 and 120 acres of land for the REC, parking lot, race track and barns. This land is in the centre of our property. UHA currently owns 112 acres of which 75 acres is excess lands to sell. These are lands that are not required for the race track operation. We have retained Rob McElhoes of Colliers to market the land on our behalf. For more information please contact Rob at 403-298-0403. The excess land for sale is located to the east and to the south of our barns.
Cross Iron Mills Mall has been operating for over one year now and it has proven to be a bit success! With the racetrack, slot floor, simulcast racing, the mall and it's proximity to the airport we see the Cross Iron area being a true destination and THE new conference site for Calgary in the future. There will be so much to see and do.
5) What Is The Zoning Of The New Land For Sale?
We are zoned as DC109. This is a more retail / commercial mix than any of the neighbouring lands that surround us. Click
here for details of what types of businesses can fit into
this zoning.
6)
By Selling All The Excess Land Aren't You Forfeiting Your
Future?
Phase 1 of the REC will be built on the foundation that currently exists on site. It is 50,000 square feet. As we grow in the future we will be able to expand up and out without difficulty. We have also left room to the north and south of the existing barns for more barns and future expansion.
7)
What About The Quality Of Phase 1 Of The REC?
Even though we have scaled down the project we will not be sacrificing quality. The barns are 95 % built and there has definitely been no reduction in quality. The track will also be properly engineered to ensure a quality ride with proper drainage. As mentioned before the 3 main sources of revenue have been incorporated into the first floor of the REC. We have also built in enough strength into the foundation to allow for a future grandstand / tiered dining room.
8)
What Are Your Costs Going Forward?
Going forward we will need $35 million to complete the REC, parking lot, race track, barns landscaping and onsite infrastructure. We will also require an additional $30m for land purchases.
9)
Isn't The Racing Industry Better Off Without UHA?
Definitely not! If UHA is not successful we are positive that this is the last chance for horse racing in Southern Alberta for a long time to come. If UHA were to lose the HRA / AGLC license then the tendering process would start all over again and it would take years for somebody else to gain the license and build a track. Moreover, with the AGLC moratorium any new license holder would be unable to get an REC license. The current AGLC application is specific to UHA and to our site in Balzac. It is not transferrable nor can another entity buy UHA. All this means that in reality UHA is the only option left to the racing industry here in Alberta. Let's all work together to build a track in East Balzac that we can all be proud of.
10)
Who Do I Contact For More Information?
Please feel free to contact the President of UHA, Darcy Marler at 403-615-1316 or darcym@uha.ca
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