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Edmonton city council voted Tuesday to forgive Northlands’ $47-million debt outstanding on the Expo Centre and merge its operations with the Shaw Conference Centre.

That means the 500,000-square-foot conference centre and banquet facility near the Coliseum will be run by the Edmonton Economic Development Corp. (EEDC) starting Jan. 1, 2018.

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“We’ve worked very hard to get a smooth transition,” said Mayor Don Iveson.

He said the deal ensures Expo Centre staff will work for EEDC in January.

“I hope that comes as a reassurance to the people working there,” Iveson said. “I realize that uncertainty has been difficult.”

The new debt will cost Edmonton $4 million a year and is already included in the city’s operating budget, said Iveson. The city guaranteed the debt when the loan for the most recent expansion was taken. That meant the city had little choice but to take back the debt once Northlands couldn’t pay.