Council Approves Land Purchase – Reserves Decision on Proposed Downtown Arena until October 26th Council Meeting

October 14, 2011

City Council voted today to move ahead with plans to purchase the land proposed as the site for construction of a new downtown arena but reserved final decision on the arena project until the October 26th Council meeting.

At that meeting City Council will decide whether to proceed with the arena deal in its entirety or not.

A non-statutory public hearing on the financial framework of the proposed arena will be held on October 25, 2011. At the public hearing there will be a presentation from City administration on the financial framework and an opportunity for members of the public to voice their opinion on the proposed financial framework.

“The meetings earlier this week with Oilers’ owners Daryl Katz and NHL Commissioner Gary Bettman were constructive and all sides were committed to find a solution that works for Edmonton and the Oilers,” says City Manager Simon Farbrother. “The non-statutory public hearing will be an opportunity for people to learn about what is in the proposed financial framework and provide comment which will then be given to Council.”

View City Manager Simon Farbrother’s presentation to Council.