According to a new City of Calgary report, the proposed CalgaryNEXT arena, stadium and fieldhouse could cost more than double the original estimate for the project.
The report, outlining the feasibility of the Calgary Sport and Entertainment Corporation’s proposal, found the project would cost $1.8 billion, of which, taxpayers would be on the hook for $1.3 billion. The original proposal for the endeavour, which would house the Calgary Flames and Calgary Stampeders, had an estimated cost of $890 million.
"To rush into it with such massive costs for something that would never bring in property taxes because, don't forget, that's what pays for all of this," said Ward 7 councillor Druh Farrell. "It was foolhardy to think that we could do that."
"Looking at another location, there's a whole series of questions that need to be answered."
In a statement released Wednesday, Mayor Nenshi confirmed his stance on the proposal.
“I've always said: public money must be used for public benefit,” said Nenshi. “Council will have a robust discussion about this on Monday. City administration has also identified a potential alternative for Council’s consideration that may accomplish the same objectives, but at a lower cost.”
Nenshi believes the report provides valuable information on remediation considerations for the creosote contamination in the West Village, an area which could be redeveloped into a ‘future great community’.
The proposed site for CalgaryNEXT is the current home of the GSL Chev City dealership, a short distance from the Bow River.
City council is scheduled to debate the findings of the report on April 25.
