An agreement between the City of Calgary, Calgary Sports and Entertainment Corporation and the Calgary Exhibition and Stampede Limited has been reached for the development and construction of a new public sports and entertainment event centre.
The agreement lays out the terms of a partnership that will see the creation of facilities to serve as public gathering places for significant events, attract world-leading performing artists and serve as a new home to the Calgary Flames, Hitmen and Roughnecks.
In addition to the new event centre, the vision for the area adjacent to the facility includes a purpose-built outdoor festival space and infrastructure enhancements to Stampede Park, all of which will serve as a catalyst for the development of Calgary’s Culture and Entertainment District.
“It’s a good deal for Calgary. This deal makes sense on its own merits and we believe it will help accelerate the redevelopment of East Victoria Park,” said Mayor Naheed Nenshi.
The estimated cost of the event centre is $550 million, which will be shared 50/50 between the city and CSEC. With its 50 per cent investment, The City will own 100 per cent of the event centre. CSEC will bear 100 per cent of the operating, maintenance and repair costs for the period of the 35-year agreement. The City will also receive a facility fee for the lifetime of the agreement and a portion of the event centre naming rights. In addition, value will be created for The City as a result of increased property tax revenue. Local amateur sports organizations will benefit from CSEC’s commitment to provide them with $75 million in added funding over 35 years.
The Calgary Municipal Land Corporation (CMLC) will lead construction and development management, including public consultation on the project’s design, programming and integration into the Rivers District.
If approved, construction on the event centre is slated to begin in 2021 and the main facility will have a seating capacity of 19,000. City council is scheduled to vote on the agreement on July 29.
