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Edmonton approves Oilers arena deal

Edmonton OilersBy a surprisingly wide 10-3 margin, the Edmonton City Council voted to move forward on a plan for a new $450-million Edmonton Oilers (NHL) arena, directing city staff to work out an agreement with the team.

The funding plan was slightly tweaked before it was approved this afternoon. The base agreement remained the same. The Oilers would pick up $100 million of the $450 million price tag; in addition, $125 million would come from a ticket tax, and $125 million from increased property taxes in the downtown arena area. The final $100 million would be sought from the provincial government. The Oilers would pick up operational and management costs, as well as fund all capital improvements. In addition, the city would pay for at least $100 million in infrastructure improvements, including a new light-rail stop.

Added to the plan: The Oilers will be investing $30 million in development near the arena. While this is short of the $100 million promised by Daryl Katz at one point in negotiations, it’s a major concession by the team.

Next up: the city and the Oilers will work out a detailed agreement, while city officials work to pry $100 milion from provincial coffers. That should prove to be an interesting challenge.

RELATED STORIES: Edmonton on verge of arena deal?; Oilers prep Plan B for new Edmonton arena; Alberta premier pitched on Edmonton arena funding; Tensions escalate over new Edmonton arena; Protesters object to Edmonton arena funding; Alberta: We’re open to some sort of Edmonton arena funding; Edmonton, Oilers reach agreement on framework of arena funding deal; Edmonton approves arena funding plan; Edmonton mayor lays out arena funding plan; Report: New arena needs 30-year commitment from Oilers; Complicating factor in Edmonton arena discussions: Northlands; Seat mortgages pitched for new Edmonton arena; City: New Edmonton arena would revitalize downtown; Oilers: No, we’re not moving to Quebec City; Oilers refine arena plan after public meetings; Katz ups arena offer to $200M; city willing to talk; Edmonton: New downtown arena financially feasible Katz: I will spend $100 million on new downtown arena; Edmonton: Cheaper to renovate than to build new downtown arena; Oilers arena zoning hearing delayed; Katz group submits arena application to Edmonton


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