CALGARY, ALTA. – The Government of Alberta has partnered with the City of Calgary, the Calgary Exhibition and Stampede and Calgary Sports and Entertainment Corporation to construct a new world-class arena and event centre in the Rivers District.
The province will not invest directly in the arena’s construction and operation but will provide up to $300 million in road and bridge construction, LRT connection, site utilities, reclamation and supportive infrastructure, according to a news release.
As part of the agreement, a new community rink will be built next to the new arena with the province providing $30 million for construction.
The city will spend $537.3 million to develop the event centre, parking structure, enclosed plaza and 25 per cent of the community rink.
Calgary Sports and Entertainment Corporation will provide $40 million upfront and $17 million per year, increasing one per cent per year, for 35 years to offset event centre costs. The exhibition is providing lands for the developments.
“Calgary is a vibrant world-class city deserving and in need of world-class facilities,” said Premier Danielle Smith in the release.
“Along with Edmonton’s Rogers Place, Alberta will now have two of the best and most modern event centres in all the world.”
The project will include improvements to the area such as a four-lane underpass under the CP tracks, outdoor and indoor gathering spaces, and various street improvements, according to the release.
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