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The results of months of confidential negotiations between the city and the Calgary Flames ownership group were publicly released this week, revealing that the cost overruns clause from the deal for the new facility had been triggered. That means the city and the Calgary Sports and Entertainment Corp. (CSEC) split an additional $25-million contribution to the building, adding up to a new cost of $575 million.
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Try refreshing your browser, or City council OK s terms to restart arena work after months on pause Back to video
But creating the Saddledome’s replacement was set to be even costlier, with the current price tag estimated at $608.5 million. City manager David Duckworth told council Wednesday that change led to lengthy talks to find a solution.
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The results of months of confidential negotiations between the city and the Calgary Flames ownership group were publicly released this week, revealing that the cost overruns clause from the deal for the new facility had been triggered. That means the city and the Calgary Sports and Entertainment Corp. (CSEC) split an additional $25-million contribution to the building, adding up to a new cost of $575 million.
We apologize, but this video has failed to load.
Try refreshing your browser, or City council OK s terms to restart arena work after months on pause Back to video
But creating the Saddledome’s replacement was set to be even costlier, with the current price tag estimated at $608.5 million. City manager David Duckworth told council Wednesday that change led to lengthy talks to find a solution.
Posted: Jul 28, 2021 8:54 PM MT | Last Updated: July 29
A rendering shows an updated vision for Calgary s planned new arena. (City of Calgary) comments
Calgary council has voted in favour of changes to its arena deal with Flames ownership.
On Monday, the public learned that the city and the Calgary Sports and Entertainment Corporation (CSEC) had each agreed to pay an additional $12.5 million for the arena, with CSEC covering any additional cost overruns.
It was also announced that the city-owned developer behind the Rivers District will no longer oversee the project and that that duty will now be under CSEC.
On Wednesday, council voted in favour of seven recommendations relating to the updated deal.
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