Under the framework, announced Wednesday night at a hastily called press conference at city hall, the city said it will own the $450-million arena and the land, while the Katz Group, which owns the Oilers, will operate the building and be responsible for all maintenance, upgrades, operating and capital expense costs.
The city will contribute $125 million, the Katz Group will chip in $100 million and another $125 million will come from a user-paid facility fee.
The remaining funds, according to city officials, will come from other levels of government — although the province and feds have previously indicated that they won’t be contributing.