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City releases legal documents for new arena and event centre

Last Updated Jan 14, 2020 at 12:22 pm MDT

(CREDIT: @JeffDavisonYYC, Twitter)

CALGARY (660 NEWS) – More details of the arena deal between the City of Calgary and the Flames have been released.

The city posted several legal documents on its website Monday night, including information on the demolition of the Saddledome, the management and lease agreement, and the facility fee arrangement.

City council officially approved the new arena deal in July with a vote of 11-4 and ratified the deal in December.

RELATED: Council officially signs new arena deal.

Among the documents made public is the Management and Lease Agreement, which confirms a 35-year deal for the arena and event centre, ensuring the NHL team remains in Calgary for the foreseeable future.

The deal for the centre is worth over $550 million, with the city taking on just over half the cost ($275 million) and maintaining ownership of the land and building.

However, the Calgary Sports and Entertainment Corporation will manage everything that happens inside, including day to day repairs, although the city will have to pay any major structural repairs.

According to the Demolition Agreement, the Saddledome will be torn down after the event centre is finished but no timeline was specified. The city is expected to take on 90 per cent of that cost.

When it comes to insurance, the Calgary Flames owners are only paying what the premium would be if the building wasn’t on a flood plain, with the city absorbing the rest.

The documents also include details on how to handle any cost overruns and disputes, and the city has to give three years notice if they want to hold international events like the Olympics.