The Calgary Sport and Entertainment Company (CSEC) and the City of Calgary have decided on a proposed agreement July 22. The City is to pay around half of the arena costs, which is predicted to be around $550 million. That would mean both sides will be pitching in around $275 million.
According to the terms of the new deal, the City will retain ownership of the new building in Victoria Park and the Flames will cover operating and maintenance costs, reports say. Part of the agreement states the Flames would upkeep the facility for at least 35 years.
But, the deal isn’t completely solidified yet. City council will vote to either accept or reject the agreement July 29. The council meeting is about a week away, allowing both council members and Calgarians to think about the deal and provide feedback.
If City council decides to accept the proposed deal, it is reported Calgary Municipal Land Corporation (CMLC) will follow through with the construction and consultations on the building’s design.
The CSEC, as part of the deal, is also supposed to provide around $75 million towards local amateur sports and organizations within the 35 proposed years of the agreement.
The Scotiabank Saddledome will be demolished and the City will pay for the cost. The Flames will help pay 10 per cent of the demolition costs.
The July 22 conversation behind closed doors involved members from the CSEC, the City of Calgary and the Calgary Stampede.
The plan involves restaurants and retail spaces on the surrounding streets and there is not a finalized design as of now.
More details to come…