Calgary arena deal signed, site preparation set to start this year
Agreements to fund and build a new home for the Calgary Flames and revitalize the surrounding area have been signed and site preparation on the project is scheduled to begin this year, Alberta's transportation minister tells CTV News.
Devin Dreeshen says the utility work for the project will start in 2023 with the completion of the new event centre coming in late 2026 or early 2027.
"So, hopefully by 2026 or 2027 we will see this project completed," the transportation minister said.
"That's a very ambitious timeline, but the city, the Flames, the province of Alberta -- we all are lockstep in wanting to make sure that this can be developed as soon as possible."
While a Memorandum of Understanding (MOU) between the province, city, Calgary Sports and Entertainment Corporation (CSEC) and the Calgary Stampede was agreed to months ago, the final agreements have now been signed and executed.
"Our investment in the Rivers District is one that helps build Calgary and continues the momentum of revitalization in the downtown core," said Premier Danielle Smith.
The $1.22 billion project will include a new event centre, a community rink and transportation and utility work in the surrounding neighbourhood.
The City of Calgary will front most of the cash for the project -- $537 million -- while CSEC will put up $40 million initially and pay an estimated $316 million through yearly lease payments.
The province is pledging $330 million over five years, with most going towards the transportation and utility work surrounding the new rink. The Alberta government's funding will also cover some of the costs for the community rink and the will pay for the demolition of the Saddledome.
"This project will create better public gathering spaces, improved transportation networks, a downtown community rink and an arena to drive events and spur hosting and tourism opportunities," said Calgary Mayor Jyoti Gondek.
Calgary will cover most of any potential cost overruns on the project, while CSEC could cover overage on certain parts of the event centre. The province won't be on the hook for any costs above what has been pledged.
"Baked into the MOU is that the City of Calgary will be responsible for any cost overruns. So the maximum amount that the province is putting in is the $330 million," Dreeshen explained.
CTVNews.ca Top Stories
From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
Broadcaster and commentator Rex Murphy dead at 77: National Post
The National Post is reporting that Rex Murphy, the pundit and columnist who hosted a national call-in radio show for decades, has died.
Pearson gold heist suspect arrested after flying into Toronto from India
Another suspect is in custody in connection with the gold heist at Toronto Pearson International Airport last year, police say.
Millions of cyberattacks per hour as B.C. government investigates multiple breaches
Careful attention to government statements and legislation is required to get a handle on the level of risk British Columbians’ information is under, as investigators probe multiple breaches under a continued barrage of attacks.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Debate on abortion rights erupts on Parliament Hill, Poilievre vows he won't legislate
A Conservative government led by Pierre Poilievre would not legislate on, nor use the notwithstanding clause, on abortion, his office says, as anti-abortion protesters gather on Parliament Hill.
Justin and Hailey Bieber are expecting their first child together
Hailey and Justin Bieber are going to be parents. The couple announced the news on Thursday on Instagram, both sharing a video that showcases Hailey Bieber's growing belly.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
New 'Lord of the Rings' film coming in 2026
The Oscar-winning team behind the nearly US$6 billion blockbuster 'Lord of the Rings' and 'The Hobbit' trilogies is reuniting to produce two new films.