Calgary’s new event centre deal by the numbers
Global News
An agreement in principle for a new event centre and area development is expected to cost $1.22 billion, with funds coming from Flames ownership, the city and province.
An agreement in principle for a new event centre and development in Calgary’s Rivers District is expected to cost $1.22 billion, with funds coming from the city, the province and the Calgary Sports and Entertainment Corporation (CSEC).
Here’s how the numbers break down.
The city will be putting up $537.3 million, or 44 per cent, to the project. The Flames ownership group is responsible for $356 million. The provincial government will be funding up to $330 million.
The Calgary Stampede will contribute with a land swap.
The project includes a replacement for the Saddledome, a community rink, an enclosed plaza, public realm improvements, attached parking, and improvements to transportation, infrastructure and the district.
Those estimated costs look like this:
At $800 million, the city-owned event centre would be more expensive than the $634 million of the previous deal CSEC backed out of in December 2021.
“What you’re seeing right now is the cost of moving forward with this new event centre and the area,” Coun. Sonya Sharp, who chairs the city’s event centre committee said.
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