Arena deal: 10 key questions on the proposed $1.2B arena and entertainment district
CBC
Calgary does love/hate its arena deals. It's practically an industry.
But one thing is clear after this week's announcement by the City of Calgary, the Calgary Sports and Entertainment Corporation and the Government of Alberta about an agreement in principle for funding an $800-million arena and $400 million in related improvements in the entertainment district around it.
The public knows less at this stage than what had been revealed at a similar stage with the last arena deal.
When a funding deal was announced in July 2019 on a new arena, the final wording wasn't actually released until December 2019. And there were actually nine agreements in the whole package.
So don't expect details before the provincial election is held. It will likely be a few months.
For now, let's look at what we know and don't know about this new deal.
1. The City of Calgary is putting up big money on this project. Does it get a return?
In short, we don't know yet.
Officials say this matter remains under negotiation. Under the last arena deal, the city touted the money that would be coming back in return, fronting half of the costs of a new arena.
The city would get money via a charge on every ticket sold for events in the new building. There's no sign of that with this deal. That makes it hard to measure the idea of "public money for public good."
It's going to be a city building that is operated by CSEC, which owns the Calgary Flames and several other local sports teams.
Will CSEC be paying the city rent under the terms of a lease agreement? Again, officials say this remains under negotiation.
No one even knows when construction might start or when the new building will open.
WATCH | Officials announce the new arena project deal on Tuesday:
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