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
Canada to launch 'national action plan' to fight auto theft
The federal government is launching what it calls its 'national action plan' to combat auto thefts, which will include stronger penalties for thieves, and increased information sharing between police agencies, government officials and border enforcement.
U.S. Supreme Court rejects appeal from former Guantanamo detainee Omar Khadr
The U.S. Supreme Court on Monday rejected an appeal by a Canadian-born former Guantanamo detainee who was seeking to wipe away his war crimes convictions, including for killing a U.S. soldier in Afghanistan.
Iran's president and foreign minister die in helicopter crash at moment of high tensions in Mideast
Iranian President Ebrahim Raisi and the country's foreign minister were found dead Monday hours after their helicopter crashed in fog, leaving the Islamic Republic without two key leaders as extraordinary tensions grip the wider Middle East.
Jury finds Andrei Donet guilty of second-degree murder in stabbing death of Montreal teen
A jury has found a 21-year-old man guilty of second-degree murder in the stabbing death of Montreal teenager Jannai Dopwell-Bailey outside his school in 2021.
What is BORG drinking, and why is it a dangerous trend? An expert explains
If you've been to a party lately and haven't seen someone drinking a BORG, you're likely not partying with college students.
The world's best airline is paying staff a bonus of 8 months' salary
Singapore Airlines will reward its employees with a bonus worth nearly eight months of salary, a person familiar with the matter told CNN on Friday.
Woman, 35, in critical condition after her truck collided with a Via Rail train near Montreal
A 35-year-old woman is in critical condition after the pick-up truck she was driving was struck by a Via Rail passenger train Monday morning in Quebec's Monteregie region.
Investors watching posts from 'Crytpo King' in the wake of fraud, money laundering charges
Former investors of the self-styled “Crypto King” say they are watching his social media accounts and worried his displays of wealth are signs he’s spending their money, even now, as another large expense tied to Aiden Pleterski has triggered a previously unreported lawsuit.
Britain slammed in inquiry for infecting thousands with tainted blood and covering up the scandal
British authorities and the country's public health service knowingly exposed tens of thousands of patients to deadly infections through contaminated blood and blood products, and hid the truth about the disaster for decades, an inquiry into the U.K.'s infected blood scandal found Monday.