Edmonton city council has given the go-ahead to plans for a new downtown arena.
Voting was 10 – 3 in favor of approving the final funding arrangements and to move forward with the development of the new arena, which is expected to become home to the Edmonton Oilers hockey team.
Until recently there was a gap in the available funding for the arena that threatened to squash the project. The Katz Group, owners of the Edmonton Oilers, stepped up with an additional $15 million in private funding.
A further $15 million will be paid by the city of Edmonton after the community revitalization levy was increased. Another $25 million will come from a regional collaboration grant.
Thanks to the project funding being sorted out, and the development receiving the green light, Print companies can now start thinking about how to help organizers prepare signage for the rink boards as well as the game-day program magazines.
The total project funding will come in the form of $120 million generated by the community revitalization levy, ticket surcharges totalling $125 million and $130 million in rent and cash contributions by the Katz Group. Various other city-supplied funds from items like parking fees will make up the final $80 million required.
The project is expected to begin early next year as design work is now 60 per cent complete. Design work will go on for the remaining months of 2013, during which the project will be planned thoroughly to ensure the arena can be built without breaking the $480 million construction budget.
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