Calgary is getting a new events centre.
The City of Calgary has reached an agreement in principle with the Province of Alberta, Calgary Sports and Entertainment Corporation (CSEC) and Calgary Stampede to create a Culture and Entertainment District valued at $1.22 billion.
Public and private investment partners will split the cost of the project, which will include attached parking, an enclosed plaza, on-site public realm, a community rink and transportation improvements.
The City’s contribution is 44% of the total cost, with the Province and CSEC contributing the remaining 56%.
To fund the development of the events centre, parking structure, enclosed plaza and 25% of the community rink, the City will contribute $537.3 million.
CSEC will contribute $40 million upfront and $17 million per year, increasing 1% per year, over 35 years to offset the events centre costs, parking, enclosed plaza and 25% of the community rink.
In addition, CSEC will provide $1.5 million per year to community sports.
The Province will contribute $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, as well as $30 million to fund 50% of the community rink.
“Council approved these agreements in principle just this afternoon in a unanimous vote,” said Calgary mayor Jyoti Gondek in a press conference on April 25.
The city-owned events centre will be capable of accommodating “A-class” events and feature additional hosting space on a 10-acre parcel of land.
“It's fulfilling our vision of a home for culture, sports and entertainment,” said Calgary coun. Sonya Sharp.
The events centre will be located in Calgary's Rivers District downtown.
Formal discussions on definitive agreements with all parties is expected to be underway through the spring and summer.
