New Reports on Proposed Arena Detail Options on Funding, Governance
March 31, 2011
City continues discussion on relationship framework with Katz Group
New reports released on the proposed downtown arena provide Council with additional information for the next phase of decision-making, at the April 6 Council meeting.
“This is another point along the decision-making path,” says City Manager Simon Farbrother. “We’ll continue to bring information to Council and do appropriate due diligence on the proposal.”
Discussions continue between the City and the Katz Group, with an update to Council scheduled for April 6. “A viable funding proposal for a new arena should be possible,” said Farbrother. “The City is committed to representing a position we heard from the public about protecting the public interest and working to ensure the long-term viability of an NHL franchise in Edmonton. We remain optimistic that there is the right mix of funding options available to make a proposal work.”
The reports provide additional information on the use of a Community Revitalization Levy (CRL) and an option for a CRL boundary; governance options for the proposed project; the impact on the downtown if an arena is approved; and community benefits and engagement options.
The City has identified that $160 million could be raised through a CRL with $125 million going to the arena project. Another $125 million could be raised through a user fee such as a facility improvement fee, an approach that was supported by 76 per cent of Edmontonians during public consultations. The Katz Group has agreed to contribute $100 million to the project.
Information on the future of Rexall Place and sustainability of Northlands will be coming to Council at a later date.