It’s official — a new arena to host the Calgary Flames, among others, is in the works.
The announcement was made by Calgary mayor Jyoti Gondek on Thursday, saying that final agreements were signed between the province, the city, the Flames organization and the Calgary Stampede to move forward on a new events centre.
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The agreement between the parties was reached in principle earlier this year, which also includes a 35-year commitment from the owner of the Flames to remain in Calgary.
Construction on the new event centre is expected to begin next year, and the hope is to be ready for the 2026-27 season. The current arena, the iconic Scotiabank Saddledome, will then be demolished.
There are no timelines on when renderings will be available to residents of the city, but the design process is underway.
Though the Alberta government is not contributing directly to the arena, premier Danielle Smith has affirmed plans to fund up to $300 million on public transit and road improvements, site utilities, reclamation and other supportive infrastructure as part of the deal.
Under the agreement struck in June, the city will contribute about $515 million from its reserves and another $360 million from its working capital toward a long-term lease with the Calgary Sport and Entertainment Corp.
CSEC would pay $40 million upfront. It would then pay $17 million annually in lease payments, increasing by one per cent each year, for another $708 million over the 35 years.
The project is expected to cost $1.22 billion.
— With files from The Canadian Press
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