The city released details about a new lease agreement for Calgary’s old science centre on Tuesday morning and says the space will be turned into a gallery for modern and contemporary art.

The Centennial Planetarium, located at 701 11 Street S.W., opened in 1967 and has sat empty for the past seven years.

“I’m thrilled to take this important step today. It took a lot of work to get here,” said Mayor Naheed Nenshi. “It has always been an important part of the city and it has incredible historic significance and architectural and symbolic value. It really is an iconic building. And whether you knew it as the planetarium or as the science centre, it has a special place in your heart, a special place in the heart of every Calgarian and that’s why making it the home of Contemporary Calgary seems like such a great fit.”

Contemporary Calgary, a group made up of three modern art organizations, says it was asked by the city last year to raise 90 percent of a $32 million capital campaign but pulled out of the agreement saying the terms of a long-term lease agreement were too harsh.

Since then, the group has held talks with interested citizens and has raised several million dollars from the private sector for the project.

“For me, today is a day about gratitude and it’s a day about bringing our vision to life,” said Jay Mehr, Board Chair of Contemporary Calgary.  “As a non-profit society we’ve already done a lot of work for the next phase of our journey. We paid off millions of dollars in debts and enabled us to enter today with $4 million and no debt to drive our vision.”

The city will spend $24.5 million to upgrade the facility before Contemporary Calgary moves in.

The group signed a 25 year lease with a 10-year extension option.

“It will host the work of local artists as well as the best around the globe. It will be the place our families gather and where we take our visitors,” said Mehr.

The plan includes a climate controlled gallery in the dome, upgrades to seating in the dome and auditorium and construction of a new entryway.

The renovation should be complete by the end of the year and the new gallery for modern and contemporary art is scheduled to open in 2019.