A finalized deal to fund Calgary\u0027s future event centre was confirmed on Thursday, paving the way for construction to begin in 2024.
A finalized agreement to fund Calgary’s future event centre was confirmed Thursday, paving the way for construction of the $1.22-billion project to begin in 2024.Mayor Jyoti Gondek said the City of Calgary, the Alberta government, Calgary Stampede and Calgary Sports and Entertainment Corporation , owners of the Calgary Flames, have formally signed off on the deal first announced in April.
Coun. Sonya Sharp, who chairs the city’s event centre committee, said the signed agreement allows the city to begin the design and pre-construction phase of the project. She added the city will work with CAA Icon to finalize planning details and prepare a new development permit application. CSEC will initially contribute $40 million, followed by annual lease payments of $17 million that increase by one per cent annually over the course of 35 years. By the end of the lease — which requires the Flames to remain in the city for the contract’s duration — CSEC’s contribution will be nearly $750 million.“I think it’s important for Calgarians to be able to root for their home team knowing they’re going to be sticking around,” said Gondek.
Other components of the event centre include a parkade, community skating rink, and indoor and outdoor plazas, which drive up the overall cost to $926 million. Members of council have vowed the city will not raise taxes or take on debt to pay for the event centre.
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