The future of Regina's Evraz Place is changing, as the non-profit who runs the event complex looks to stay out of debt and diversify the grounds.

Regina Exhibition Association Limited, or REAL, presented their 15-year strategic plan to the city's priorities and planning committee Wednesday. The non-profit said it needs to change the way it does business or it's looking at a 14-year deficit.

REAL's plan, which was accepted by the committee, contains several ideas about how to diversify their business, including paid parking; a new indoor arena to replace the Brandt Centre; and leasing out space for retail.

Parking problems

REAL president and CEO Tim Reid said the city loses about a $1 million a year by not charging for parking.

He said he doesn't want to charge people who come to the site for unpaid events, but charging for concerts and the like are "critical elements of the financial model."

Reid also highlighted the problem with space and the location of Evraz Place.

"We have a railway on one side, a highway on the other and we have 4,500 parking stalls. You just can't flow that traffic out quick enough," he said.

Improved transit would help to reduce the number of vehicles, he said.

A new arena?

The Brandt Centre is 42 years old, and Reid said something must be done with it, be that a renovation or a new build.

"Our board has given us direction to come up with a very clear plan on what the need is around an arena by December of this year," Reid said.

"We have to either put significant capital monies into it to modernize it or at least maintain it, or we have to consider the value proposition around building new."

Reid said it's possible that the location could change, too. The community might decide that there is a better place for it, he said.

Reid said the city could see up to four new developments break ground at Evraz Place in the next year.

The next phase now is to move to feasibility studies. REAL will come back to council as more concrete items come up.