Flames president Ken King told the media last week that he would be releasing details of his proposal for a new arena in Calgary and, on Thursday morning, he kept that promise.
The Calgary Flames says they were willing to fork over $275M for a new arena built in Victoria Park while the city would have had to come up with $225M through what they call a Community Revitalization Levy.
According to the group, the CRL would be generated from new developments in the area and not from existing tax sources.
King told reporters last week that the funding model that the city released last week did not accurately define the Flames contribution to the new development, saying that a ticket tax and the city’s contribution would both ultimately cut into revenue for the team.
The report says that a $226M CRL was used to build Edmonton’s new arena with the rest of the money paid by the Oilers; $20M in upfront cash and $238M financed by the team through the city for 35 years.
They say they believe Calgary is a great place for NHL hockey and will continue to use the Saddledome for as long as they believe they can.
However, the organization says that when they found they couldn't get anywhere with the city, they took the deal off the table.
Full details on the Flames’ proposal are available on their website.
