Calgary announces agreement for new $1.2 billion arena for the Flames

[GreenLine]

In a democracy one of the goals of a government is to serve the common good across the board. Sometimes that means spreading the money around so that everybody has a level playing field in terms of public services.

So when you don't benefit you argue that people shouldn't have their tax revenue spent on things that don't directly benefit them but if you benefit suddenly that line changes to 'sometimes you have to pay for things for other people'

 

[Connor McBaevid]

The Raptors arena was privately financed before the Leafs and Raptors ownership merged in the late 1990s, we almost got two downtown competing arenas privately financed due to this.

Interesting! It sounds like the Leafs and Raptors still teamed up to build it though, no? If they each paid half or whatever, then it's still a wildly different situation.

I'm not aware of the situations for the Jets or Vancouver, so I can't weigh in on them. They have some lucky fans if they were completely privately funded.

 

[McGarnagle]

Arenas and local sports teams create/preserve jobs and promote tourism. While it's true that sports owners usually have local governments by the balls, in most cases it's a better use of public funds than a lot of things they're used on.

 

[MMC]

 

[Pip]

Right before the election - classic

 

[MMC]

More than an Event Centre, the financial framework and cost estimates reflect an overall investment to the The District:



1. Event Centre - $800.00 million

2. Attached Parking - $35.4 million

3. Enclosed Plaza - $9.5 million

4. On-Site Public Realm - $28.7 million

5. Community Rink - $52.8 million

6. Transportation improvements, infastructure, and other district benefits - $238.4 million

7. Other Costs - $58.5 million

8. Total - $1,223.3 billion



The cost will be shared among public and private investment partners as follows:

The City:

- $537.3 million to fund the development of the Event Centre, parking structure, the enclosed plaza, and 25% of the community rink.

CSEC:

- $40 million upfront and $17 million per year (increasing 1% per year) over 35 years to offset Event Centre costs, parking, the enclosed plaza, and 25% of the community rink
o $356 million in present value; $750 million+ over the 35 year term

- $1.5 million per year to community sports
o $25 million in present value; $52.5 million over the 35 year term

The Province:

- $330.0 million
o $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
o $30 million to fund 50% of the community rink

Calgary Stampede:

- Agreed to certain land sales and transfers that will allow for the development of the Event Centre that enables a vibrant entertainment district surrounding the Event Centre

 

[blueandgoldguy]

The arena was supposed to be a little over $600 million a couple years ago and Flames ownership balked at some unexpected additional costs so the deal was cancelled. Now the deal is reportedly $1.2 billion for the arena, parking lot, etc?!

Are there any specifics of how much the arena will cost on its own? How big and how much will the parkade cost and was this a part of the original $600 million budget for the first arena proposal? What is the etc.? Someone mentioned a community club? Anything else as part of the etc.? A plaza/gathering place? Some office/residential/hotel buildings involved.

I get that costs have increased with inflation, but increasing by 100% in a couple years seems like insanity. You expect billion dollar arenas in places like New York and LA where labour and land are insanely expensive.

 

[MMC]

Are there any specifics of how much the arena will cost on its own?

$800 million is what they're estimating

 

[super6646]

40m upfront for a 1.2 billion dollar deal.

Murray Edwards winning. City council getting bent.

 

[93LEAFS]

Interesting! It sounds like the Leafs and Raptors still teamed up to build it though, no? If they each paid half or whatever, then it's still a wildly different situation.

I'm not aware of the situations for the Jets or Vancouver, so I can't weigh in on them. They have some lucky fans if they were completely privately funded.

Raptors already broke ground on the current Scotiabank Arena, and it was quite far long in the build when the Leafs and Raptors combined ownership into the current entity known as MLSE. It is why certain areas of the 300 level have obstructed views for hockey, since it was originally primarily designed for basketball. It was altered in some aspects late in design in certain aspects to account for hosting an NHL team.

 

[MMC]

Can someone explain why they keep saying Event Centre (capitalized) instead of arena?

 

[93LEAFS]

Can someone explain why they keep saying Event Centre (capitalized) instead of arena?

Probably because they are trying to frame it as a net benefit for all people in Calgary as it may get them bigger concerts and use during the stampede rather than just catering to Flames fans.

 

[MMC]

 

[Channelcat]

Calgary needs an arena...but 1.2B? There's just no way to recoup that. And that's not the objective in modern economics, apparently.

 

[Rabid Ranger]

Can someone explain why they keep saying Event Centre (capitalized) instead of arena?

You're right, it should read Event Center.

 

[I Hate Blake Coleman]

Can someone explain why they keep saying Event Centre (capitalized) instead of arena?

Jargon/spin to make it seem more beneficial to the community.

 

[JPeeper]

Global's news story on this was a complete joke. They don't show the old deal to put into perspective of how bent over the public is getting and when they go to reaction they just went to Flames players who are obviously going to be positive. No reaction from you know the people paying for this.

Next story was about affordable homes and how people can't afford homes.

LMAO

 

[Xirik]

good ol UCP. doing whatever to stay in power, definitely not a conservative party as conservatives actually hate this government.

The NDP doesn't even need to run ads, The UCP does it for them.

 

[Connor McBaevid]

Raptors already broke ground on the current Scotiabank Arena, and it was quite far long in the build when the Leafs and Raptors combined ownership into the current entity known as MLSE. It is why certain areas of the 300 level have obstructed views for hockey, since it was originally primarily designed for basketball. It was altered in some aspects late in design in certain aspects to account for hosting an NHL team.

TIL. That’s pretty cool! And I’d say it proves your point well enough.

I’ve been to Scotiabank arena but it was for a Raps game in the second bowl so I didn’t notice anything.

 

[Bond]

Lol Murray's brinkman ship won. Walked from the last deal and then didn't even buy dinner or use any lube when bending the city and province over. Too bad the city wasn't willing to call Murray's and the NHL's bluff.

 

[Mike Jones]

Enjoy Utah.

Lol Murray's brinkman ship won. Walked from the last deal and then didn't even buy dinner or use any lube when bending the city and province over. Too bad the city wasn't willing to call Murray's and the NHL's bluff.

The owners and league definitely won this one. With our Premier and Mayor and council taxpayers didn't stand a chance.

 

[Bond]

The owners and league definitely won this one. With our Premier and Mayor and council taxpayers didn't stand a chance.

Yeah, especially with the Coyotes lingering around waiting to get relocated they totally get screwed. Got to love Socialist Capitalism. I hope the UCP get wrecked in the election

 

[MMC]

 

[YMCMBYOLO]

disgusting behaviour from Smith. The entire province should be upset at Smith pulling this political bullshit.

 

[Dust]

I was kind of hoping there'd be something for McMahon in there, that place needs replacement far more than the Saddledome.