ARENA DISTRICT: FRAMEWORK IN PLACE

We’re getting early indications, via Twitter from Edmonton council member Don Iveson, that council has voted 8-5 in favour of a motion "to approve a framework" for an arena deal. While this vote doesn’t constitute a "done deal" by any stretch, it’s a significant step in seeing the project move toward the day shovels go in the the ground.

Here’s the original tweet from Iveson: "#yegcc just came back in public – voted on a motion to approve a framework for #yegarena deal – details to be kept in private. Passes 8-5. 45 minutes ago."

As of 9:45, we’re expecting Mayor Mandel to issue a statement at a news conference in 10-15 minutes.

Here’s the story from The Journal link above:

"EDMONTON — The City of Edmonton and the Katz Group have reached a framework agreement to build a new downtown arena.

Under the agreement which will keep the Edmonton Oilers in the city for a minimum of 35 years, the most that can be spent on the arena will be $450 million.

The City of Edmonton will own the land and the building.

Among the key highlights:

– The price for the arena building is set at $450 million

– The city’s contribution to the building is $125 million

– The Katz Group will contribute $100 million

– $125 million will come from a user-paid facility fee

– The Katz Group will operate the building and be responsible for all maintenance, upgrades, operating and capital expense costs

– The Oilers will remain in Edmonton for at least 35 years

This framework does not constitute a final and binding agreement, the city said in a news release. Both parties will now begin to work on the master agreement to advance the project further, including by working to secure the remaining funds required, the city said."

 Much more to come . . . .

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