Understanding the deal: Critics skeptical of Calgary event centre agreement ahead of Monday’s public meeting

A public meeting will give Calgarians an inside look into the exact details of an agreement in principle that could land the city a new event centre, but critics are already skeptical of the cost breakdown.

A public meeting will give Calgarians an inside look into the exact details of an agreement in principle that could land the city a new event centre, but critics are already skeptical of the cost breakdown.

Coun. Sonya Sharp, chair of the city’s event centre committee says a meeting on Monday will allow administration to answer questions from councillors that have come up over the past six weeks.

Here’s a look at the cost breakdown:

The $1.22-billion announcement came just days before the start of the provincial election campaign as Alberta’s UCP government committed $330 million for infrastructure surrounding the event centre, as well as 50 per cent of the funds for a community rink.

The city will be putting in $537.3 million to the project (44 per cent of total cost) which will go towards the new event centre, parking, an enclosed plaza, and 25 per cent of the community rink.

Calgary Sports and Entertainment Corporation (CSEC) will cover $356 million, but they won’t be paying the full bill immediately. They’re paying $40 million up front, followed by annual payments that will start at $17 million and increase by one per cent each year over 35 years

As well, CSEC is paying $1.5 million yearly to community sports programs as part of the deal. The Calgary Stampede will contribute with a land swap.