A city committee says it will cost $550M to build a new event centre and expand the BMO Centre, a plan that many feel could lead to a new NHL arena in the City of Calgary.

The project, called the Entertainment and Culture District, has been called the ‘most important investment’ that the city can make to have the greatest impact on citizens by Ward 6 councillor Jeff Davison.

Davison, who heads the committee tasked with compiling the report for city council, says that the revamped district will also be a source of significant private investment.

“This is about having a unique cultural gathering place for all Calgarians. This will be the place where you take your kids to their first concert, where you see your favourite artist live. This is about revitalizing the culture of our city,” he said in a release.

On October 5, Davison’s committee released a set of concept drawings for the centre, designed by the Detroit-based firm Rosetti.

There are hopes that the plan will help advance talks on a new arena for the Calgary Flames after discussions came to a halt in September 2017.

The report indicates that the project could be paid for through the Community Revitalization Levy, but further discussions are expected to take place next Monday.