CALGARY (CelebrityAccess) — The City of Calgary, Calgary Sports and Entertainment Corporation, the Calgary Stampede, and the Calgary Municipal Land Corporation (CMLC) announced they have reached a conditional agreement with an eye towards building a new arena and event center.
The agreement lays out the terms of a partnership that will see the creation of facilities in the Rivers District in East Victoria Park that will serve as a home for the Calgary Flames, Hitmen and Roughnecks.
In addition to the new event, the facility includes a purpose-built outdoor festival space and infrastructure enhancements to Stampede Park that will serve as the centerpiece of the development of Calgary’s Culture and Entertainment District.
According to the proposed plan, the estimated cost of the new event center is $550 million, which will be divided equally between The City and CSEC. The CSEC will be on the hook for all of the operating and repair costs for the full 35-year agreement and the city will facility fee for the lifetime of the agreement and a portion of the event center naming rights.
As well, the CSEC has pledged to provide $75 million in added funding over 35 years to support local amateur sports organizations.
“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,” said Mayor Naheed Nenshi. “Thank you to CSEC, CMLC, the Calgary Stampede, my colleagues at The City and especially Barry Munro who epitomizes the best of service and community building for working so hard to craft a deal that works for everyone.”
