The agreements for a new Calgary Flames arena have been signed, marking the latest step forward for the future venue set to open in 2024.
In July, the Calgary City Council approved plans for a C$550 million arena that would be funded in a public-private partnership with Flames ownership group Calgary Sports and Entertainment Corporation (CSEC). The arena will be constructed in East Victoria Park, and will be owned by the city with the Flames operating under a 35-year lease.
On Thursday, the parties involved announced that agreements for the project had been signed. This represents an important step in the process, as the Flames and the city move further along in planning the project.
“Earlier today, Calgary Sports and Entertainment Corporation signed all definitive agreements with the City of Calgary, CMLC and Calgary Stampede that will pave the way for a new Event Centre for the City of Calgary,” Calgary Sports and Entertainment Corporation president and CEO John Bean said in a press statement. “This represents another important step in the process that was announced in July 2019.
“We now turn our attention to the execution of the project and look forward to working closely with the City, CMLC, and the Stampede as we begin to set out plans for the design and construction of the Event Centre.”
Under the terms of the deal, the Flames will receive an option to buy two nearby city-owned land parcels for new development. The city’s financial contribution to the project will be a little more than C$290 million, which includes money toward construction of the new arena plus funding for the demolition of Scotiabank Saddledome, the team’s current home. Construction on the new arena is expected to begin in 2021. More from the Calgary Herald:
Mayor Naheed Nenshi acknowledged that the arena “is not something that has universal support and acclaim throughout our community,” but added that it is “the right thing to do.”
“We’ve got a good deal in front of us,” Nenshi said Thursday. “A deal that makes sense for the public purse, but a deal that makes sense for the future of the community as well.”…
The city’s share of the project is $290.4 million, which includes demolition costs for the Saddledome. CSEC will contribute $275 million to the new building.
Construction is scheduled to begin toward the end of 2021, with completion in late 2024.
The Flames have sought for years to replace the Scotiabank Saddledome, which originally opened in 1983 and is currently the second-oldest venue among full-time NHL arenas.
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