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Calgary, Alberta, Flames and Stampede reach deal on $1.2B arena project

CALGARY — A deal has been reached to replace Calgary’s aging Saddledome with a new event centre and make improvements to the surrounding area east of downtown.

The City of Calgary, Alberta government, Calgary Sports and Entertainment Corp. and Calgary Stampede say they have reached an agreement in principle.

The total cost is projected to be more than $1.2 billion, with $800 million on a new arena.

The overall cost also includes parking, transit improvements, a new community rink and an enclosed plaza.

The Alberta government is not contributing to the arena but says it plans to fund up to $300 million on public transit and road improvements, site utilities, site reclamation and other supportive infrastructure.

The province is also contributing $30 million to cover half the cost of the 1,000-seat community rink.

This report by The Canadian Press was first published on April 25, 2023.

The Canadian Press