The City of Calgary and the Calgary Sports and Entertainment Corporation (CSEC) have come to an agreement on a 50/50 partnership split for a new arena, which comes in at an estimated cost of $550 million.
CSEC owns the Calgary Flames, who will be the primary occupant of the arena, along with the WHL’s Calgary Hitmen and National Lacrosse League’s Calgary Roughnecks.
This tentative event centre agreement is subject to a seven-day public comment period, a vote of City Council on July 29, 2019, and to customary approvals by CSEC and the Stampede. pic.twitter.com/mgFIFanL8V— City of Calgary (@cityofcalgary) July 23, 2019
“City Council and I had a set of principles that had to be part of any deal, including that any public money must result in public benefit. I'm very pleased that this deal achieves that. It's a good deal for Calgary. This deal makes sense on its own merits and we believe it will help accelerate the redevelopment of East Victoria Park," Mayor Naheed Nenshi said in a statement.
Key benefits of this new centre:— City of Calgary (@cityofcalgary) July 23, 2019
✔️ CSEC's commitment to provide an additional $75 million in added funding for amateur sports organizations
✔️ New business investment opportunity
✔️ Sustainable tourism dollars for #yyc
✔️ Value creation through property tax revenue #yyccc pic.twitter.com/jcHb69he7u
The Scotiabank Saddledome has played host to the Flames since 1983 and the team will certainly take solace in a much-needed upgrade.
Agreement Highlights:— City of Calgary (@cityofcalgary) July 23, 2019
1. We'll own 100% of the event centre
2. We will receive a facility fee for the lifetime of the agreement (35 years)
3. CSEC will be 100% responsible for operating, maintenance and repair costs for the full term
4. We'll receive a portion of naming rights
The agreement will formally be voted upon by City Council on July 29.
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