Calgary city council will be discussing a proposed deal for a new arena on Monday, according to councillors who have been briefed on the item.

The exact details of the proposal are not yet known and the update from administration and the Event Centre Assessment Committee will happen behind closed doors.

Previous estimates released by the Calgary Municipal Land Corporation (CMLC) have a new arena in Victoria Park costing between $550 and $600 million.

“I look forward to continuing conversations,” said Mayor Naheed Nenshi on Friday, though he wouldn’t elaborate on the specific details of the proposal including how much of the cost the city would cover.

“I know a lot of folks have been working very hard to see if there is something there that meets the criteria we talked about.”

Discussions about a new arena have been ongoing with the CMLC, Calgary Flames and the city for years.

“Should any deal happen, it has to meet all these principles, the first of which is any public money must have public benefit, but then council would have an open public debate about that before approving or rejecting such a deal,” Nenshi said.

“If timelines work out perfectly, that could happen before we take our summer break [which begins on August 1st].”

The update on the potential arena deal will come during the same meeting where city council will discuss $60 million in budget cuts to municipal services.