Calgary Arena Agreement

The City of Calgary has released all the agreements it has signed with the owners of the Flames hockey team for the arena agreement approved last July. The December announcement stipulated that the city and the CSEC would share the costs of developing the arena, with city officials saying further details would be made public at a later date. Plans for cost overruns, insurance and the long-term future of the Saddledome were among the details announced yesterday (Tuesday). The agreement spans 35 years and is the subject of debate. The agreement was rushed by the Council this summer, with only a few days for public scrutiny and feedback. It will recommend an architect within 120 days of signing the agreement and conduct an environmental assessment of the site. The proposed arena project is more than a hockey field. Supporters say it will help revitalize Calgary`s Victoria Park. The funding plan calls for the City`s contribution of just over $290 million, including the costs of demolishing the Flames` current home, the Scotiabank Saddledome. On Thursday, the parties concerned announced that agreements had been signed for the project. This is an important step in this process as the Flames and the City continue to move forward with project planning.

The city receives two per cent of ticketing revenues and $250,000 per year for the first 10 years for naming rights. Once completed and handed over to CSEC, the arena will pay taxes to the City, although the exact amount of public agreements will be blackened. Calgary and the owners of the Flames – a group led by billionaire Murray Edwards – negotiated for years a facility that would replace the Saddledome. According to the city, the proposed arena will cost $550 million and the two parties are expected to share the costs.

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