City to Continue Exploring Proposed Arena Project
April 06, 2011
City Council has directed Administration to negotiate a financial framework for a downtown City-owned sports and entertainment facility with the Katz Group, based on a series of terms and conditions.
“Today has been a positive next step in our evaluation and analysis of this proposed project,” said City Manager Simon Farbrother. “Much work remains to be done, but we have direction to continue that work.”
The Council motion includes:
- Confirmation of existing commitments and prices, including maximum price of $450 million, with $125 million to be raised through a user fee (ticket surcharge)
- A 30-year location agreement
- Four weeks of City access to the facility, uses to be determined by the City
- City ownership of the arena and the land
- Agreement on fair market value of the land
- The Katz Group would be responsible for the operating costs
The motion also specified that the project would not proceed until sources for the balance of funds is determined, and that the City negotiate options for potential revenue sharing, along with a number of other conditions.
“This is a complex project, and we are taking it one step at a time,” continued Farbrother. “We will keep working to ensure this project benefits Edmonton, responds to Council, and keeps Edmonton a sustainable NHL market.”
Council debated a number of reports requested at its April 6 meeting and heard an in-camera update on the negotiations. Further information and updates will be provided to Council at future meetings.
For more information:
| Online | Contact 311 Online |
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| Telephone | In Edmonton: 311 Outside Edmonton: 780-442-5311 |
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| TTY | 780-944-5555 |
| 311@edmonton.ca |
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