The City of Calgary confirms an agreement has been reached regarding the "fundamental terms and conditions for the development and construction of a new event centre in east Victoria Park".

The agreement involved the City of Calgary, Calgary Sports and Entertainment Corporation (CSEC) and the Calgary Exhibition and Stampede Limited.

Representatives of the three organizations including Mayor Nenshi, Ken King and Warren Connell provided an update on the agreement Monday evening.

The deal will see the City and the CSEC each contribute $275M to the project and the City will own the building. The Flames will run operations as part of a lease lasting 35 years and will fund all maintenance and repairs throughout the tenure of the lease.

"This is a good deal for Calgary," said Mayor Nenshi. "For some years now, I've been saying that any investment of public money in this project must come with public benefit. This deal does that."

"The City of Calgary will receive a facility fee on every ticket sold to every event for 35 years.  The City will receive a share of naming rights, CSEC will invest even more than they do now in amateur sports and community here in the city."

"We're thrilled to stand in front of you today after not months but years, frankly, of dealing with the notion of a new home for our teams and a new place builder for our city," said Ken King, vice-chairman of CSEC. "This is a submission of a three party agreement and I emphasize it's a submission. There are many more critical steps to take."

If approved, construction on the event centre is slated to begin in 2021 and the main facility will have a seating capacity of 19,000. City council is scheduled to vote on the agreement on July 29.

Citizens are encouraged to share their views on the agreement during the seven-day public review period by contacting their councillor or by providing a written submission to the City Clerk's office.