Edmonton councillors to vote on revised deal to build $601M arena for Oilers - InfoNews

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Edmonton councillors to vote on revised deal to build $601M arena for Oilers

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January 23, 2013 - 8:50 AM

EDMONTON - Edmonton city councillors are set to vote on a revised deal to build a downtown arena for the NHL's Oilers.

City bureaucrats, who have been negotiating with team owner Daryl Katz (KATES), are recommending a deal to build the arena and surrounding infrastructure for $601 million.

Edmonton taxpayers would pay $219 million to go with $143 million from Katz and $125 million from a ticket surcharge.

Even if approved, the deal would still be $114 million short.

Both sides are hoping the provincial government will contribute that amount, but Premier Alison Redford has repeatedly stressed there will be no direct funding for a private enterprise.

This would be the second time the city and Katz have agreed to build an arena — a deal struck in 2011 collapsed late last year after Katz demanded an extra $6 million a year from taxpayers.

News from © The Canadian Press, 2013
The Canadian Press

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