[News] Calgary, Alberta, & CSEC agree in principle to $1.223bn Event Centre + infrastructure

[nik-]

Originally Posted by Johnny Makarov

LOL. Are you no longer a Coyote fan?

He was just hurt by Calgary, so he froths at the mouth when there's a chance to disparage this city. No one cares what he says.

[Muta]

Originally Posted by SuperMatt18

I'll be honest spending $1.2B and not getting a new stadium out of it too kind of stings. I would love to see if they could get something similar to Juventus stadium that was posted for around $300M.

Yep. The previous sports district concept was $400M less, and included a new arena, 40,000 seat indoor stadium, community arena and site works. Crazy how much things have changed since then.

[TrentCrimmIndependent]

I feel like CSEC's piece of the pie could have been larger.

I like how they grouped the province and CSEC's contributions together to make it appear 50/50, when CSEC itself is hardly touching 1/3.

I suppose if it is functioning as multiple things for the community an argument can be made though.

Just get the shovels in dirt so we don't have to think about it so much. Let's swallow the pill and be over with it.

Had to get done.

[Bonded]

Originally Posted by nik-

Oh look, another person that doesn't know, or just ignores, that that cost change was part of the original deal.

Yeah. Gondek was dumb for giving Murray an excuse to walk but he would have walked either way.

[Icon]

Originally Posted by traptor

As a flames fan it's exciting to get a new arena.

As a calgarian, the city and province is getting absolutely screwed.

The rich get richer...

Agree. But this was inevitable, and long overdue. That's the kicker, should have happened a decade ago.

[GullFoss]

Originally Posted by Bonded

Yeah. Gondek was dumb for giving Murray an excuse to walk but he would have walked either way.

Pretty much. Between higher construction costs and higher financing costs, there was no way the flames were going to stand by the prior deal.

[Frequitude]

There will be lots of angst about the increased dollar figure, but I'll give them one thing. This does look to be a proper accounting of the full scope, including infrastructure, that was always going end up being required and publicly funded in the old deal.

Also a nice dollop of inflation I'm sure, but not as bad as it looks on the surface.

[Gemnoble]

That CSEC guy was a bit of a dick at the end.

[SuperMatt18]

Originally Posted by nik-

Oh look, another person that doesn't know, or just ignores, that that cost change was part of the original deal.

Flames agreed to pay the cost over runs that was in my post... but this was seen as incremental asks from the city by CESC not cost over runs.

My point still stands though, the city would have been smart to just say...okay we will cover that extra money they were requesting from just to not have the deal fall through at that time. It's going to end up costing them way more now.

[CroFlames]

Woulda been nice if we had the Olympics coming and we coulda put some of that sweet sweet federal money toward a new rink and stadium.

[Robbob]

So did I hear right that essentially the money from the old deal is forwarded to this and the extra city potion is cash in hand from a sustainability fund? So city has all the funds and just needs CSEC and AB gov to pony up?

[nik-]

Originally Posted by SuperMatt18

Flames agreed to pay the cost over runs that was in my post... but this was seen as incremental asks from the city by CESC not cost over runs.

My point still stands though, the city would have been smart to just say...okay we will cover that extra money they were requesting from just to not have the deal fall through at that time. It's going to end up costing them way more now.

Basically it would have been smart for them to realize they were dealing with a bad faith actor.

[Reggie Dunlop]

There must be some law that states the bigger the project, the greater the chance of cost overruns.

[Hoop27]

Who owns the building? City or CSEC?

[Leondros]

Deal seems fine to me for Calgarians given the provincial contribution. The cheaper way to do this was going to be the Olympics route and the citizens turned that down.

For reference to get the Saddledome built the following was paid:

the Olympic Saddledome was funded entirely by three levels of government – $31.5 million from the City of Calgary, $31.5 million from the Government of Alberta and $29.7 million from the Government of Canada – and the Olympic organizing committee ($5 million).

In today's dollars that roughly $300M just for the structure without considering land inflation/other inflated costs not tied to the CPI.

The Saddledome was never funded by an NHL team and it will be interesting to see the full fiscal terms of the rent agreements but they don't look different than what most NHL teams are doing.

Add in the infrastructure we are getting, the upside to an entertainment district, community arena and event center and I am pretty sold.

[SuperMatt18]

Originally Posted by Muta

Yep. The previous sports district concept was $400M less, and included a new arena, 40,000 seat indoor stadium, community arena and site works. Crazy how much things have changed since then.

It really is too bad they couldn't figure out a deal back then and just moved it to
Stampede park instead of the West Village back then.

[chummer]

Originally Posted by Gemnoble

That CSEC guy was a bit of a dick at the end.

It was a fair question from Gilbertson, Beane didn't have to be a dick about it.

[MonaTone]

Originally Posted by CroFlames

Woulda been nice if we had the Olympics coming and we coulda put some of that sweet sweet federal money toward a new rink and stadium.

Yup when your hosing regular people to funnel money into billionaires pockets you want to spread it out as much as possible over the population.

[Gemnoble]

Originally Posted by Hoop27

Who owns the building? City or CSEC?

The city owns it.

[midniteowl]

Are we getting a new stadium for Stampeders?