Calgary announces agreement for $1.2 billion dollar arena for the Flames

[Mike Jones]

Not familiar with the politics, but the question is how ironclad is this agreement? I can think of 2 examples in that US in which an outgoing city administration got a stadium (Washington Nationals) or arena (Devils) deal done before an election or transfer of power and there was nothing the next administration could do about it.

The incoming Newark mayor made a big deal about reopening the agreement. I laughed at the time, guess his lawyers did too; ultimately the Devils gave the city slightly better terms to shut him up, but the arena moved forward as planned.

The Alberta NDP at least have to try. Somebody has to dig us out from under this steaming pile.

 

[MeHateHe]

Not familiar with the politics, but the question is how ironclad is this agreement? I can think of 2 examples in that US in which an outgoing city administration got a stadium (Washington Nationals) or arena (Devils) deal done before an election or transfer of power and there was nothing the next administration could do about it.

I remember that the incoming Newark mayor made a big deal about reopening the arena agreement with the Devils. I laughed at the time, guess the Devils' lawyers did too; ultimately the Devils gave the city slightly better terms to shut him up, but the arena moved forward as planned.

The simple answer is the deal really isn’t a deal yet. Nobody has said much about the details, and it seems that there are a lot of points yet to be determined.

https://www.cbc.ca/news/canada/calgary/what-we-know-about-the-arena-deal-1.6826580

This was a political announcement, not the conclusion of a business deal. I know a little bit about Alberta politics, but I won’t even guess as to how this turns out.

 

[MMC]

 

[LPHabsFan]

I guess if 50% of what's being said is true that means it's technically a pass right?

 

[Mightygoose]

Update scheduled for later today

Calgary mayor says deal for new Flames arena finalized | TSN

The deal is sealed — the NHL’s Calgary Flames are getting a new $800-million arena. Calgary Mayor Jyoti Gondek says the preliminary deal announced in April for a new $1.2 billion events centre and entertainment district near the city’s downtown has been finalized.

www.tsn.ca

A timeline perhaps or talking about more talking?

 

[MMC]

 

[madhi19]

More than an Event Centre, the financial framework and cost estimates reflect an overall investment to the The District:



1. Event Centre - $800.00 million

2. Attached Parking - $35.4 million

3. Enclosed Plaza - $9.5 million

4. On-Site Public Realm - $28.7 million

5. Community Rink - $52.8 million

6. Transportation improvements, infastructure, and other district benefits - $238.4 million

7. Other Costs - $58.5 million

8. Total - $1,223.3 billion



The cost will be shared among public and private investment partners as follows:

The City:

- $537.3 million to fund the development of the Event Centre, parking structure, the enclosed plaza, and 25% of the community rink.

CSEC:

- $40 million upfront and $17 million per year (increasing 1% per year) over 35 years to offset Event Centre costs, parking, the enclosed plaza, and 25% of the community rink
o $356 million in present value; $750 million+ over the 35 year term

- $1.5 million per year to community sports
o $25 million in present value; $52.5 million over the 35 year term

The Province:

- $330.0 million
o $300 million to fund transportation improvements, land, infrastructure and site enabling costs, including off-site and on-site utility servicing costs, public realm and site clearing/demolition
o $30 million to fund 50% of the community rink

Calgary Stampede:

- Agreed to certain land sales and transfers that will allow for the development of the Event Centre that enables a vibrant entertainment district surrounding the Event Centre

The Flames basically got a $750 million loan at 1% interest rate. I say that went well for them. Especially since they also get to dodge municipal taxes by not owning the project. The city is likely also on the hook for maintenance and upgrade. I'm not going to debate the ethics, morality and sheer stupidity of building toys for billionaires with public money. That debate is stale, and as long as politician are not barred from doing stupid crap like that they get swindled into building more monorail...

 

[TheLegend]

The Flames basically got a $750 million loan at 1% interest rate. I say that went well for them. Especially since they also get to dodge municipal taxes by not owning the project. The city is likely also on the hook for maintenance and upgrade. I'm not going to debate the ethics, morality and sheer stupidity of building toys for billionaires with public money. That debate is stale, and as long as politician are not barred from doing stupid crap like that they get swindled into building more monorail...

Makes the proposal the Coyotes had for Tempe look like a hell of a deal. But I agree it's a stale debate.

 

[Mike Jones]

Makes the proposal the Coyotes had for Tempe look like a hell of a deal. But I agree it's a stale debate.

Yeah - it's over for us taxpayers. The owners get everything and we get pennies on the dollar. We don't need any reminders of what we're stuck with for leaders here in Calgary and Alberta.

 

[Gil Gunderson]

Gross.

 

[Roadrage]

I believe the city and not the team is also on the hook for cost overruns

 

[kiwi51]

What will the Stadium look like and when will it open?

 

[blueandgoldguy]

I guess one of the few positives of this deal for Calgary is that they will no longer be the undisputed worst city in Canada for pro sports infrastructure once this is built.

Right now they have:

1. Saddledome - worst arena in the NHL with the smallest lower bowl and suites shoehorned into the lower bowl. Also has incredibly small square footage given a capacity over 19,000.

2. Mcmahon Stadium - worst or second worst stadium in the CFL. Only one concourse, poor excuse for suites, inadequate washrooms and concessions, no significant renovations since the Winter Olympics in 1988.

3. Foothills Stadium - former AAA baseball stadium that is used by the University. A total dump that should be condemned.

4. ATCO Field - soccer stadium featuring what looks like a semi-temporary steel main grand stand, roof structure's support beams block the field of view for spectators, one end zone features a hill with people sitting in patio chairs, other end more temp-looking seats, and the other sideline features a club area that is a mile from the field.

The new arena might move Calgary up a spot or so...say above Halifax.

 

[Mike Jones]

I believe the city and not the team is also on the hook for cost overruns

Yes - so this disaster is going to be even bigger than we feared.