1/6 Today, I spoke with Murray Edwards, primary shareholder of Calgary Sports & Entertainment Corp (CSEC), about the future of the Event Centre project.
He informed me of the Flames intention to pull the plug on the Event Centre deal.
Why? Here’s what I know:
He informed me of the Flames intention to pull the plug on the Event Centre deal.
Why? Here’s what I know:
2/6 The deal struck in summer of 2019 envisioned a $550 m deal w/costs split equally between CSEC & the City. In addition, the City provided land, 90% demolition of the ‘Dome, excess flood/site remediation, & levies. Total City contribution: $275m + $22.4m = $297.4 plus land.
3/6 Plus the value of the land. I supported that deal. In July 2021, CSEC asked to make changes to the above deal. CMLC removed as devel manager, both parties added $12.5m for potential cost overruns & City added up to $10m in event management costs.
Total value: $307.4 + land
Total value: $307.4 + land
4/6 I did not support that deal.
Since I was elected Mayor, Administration & my office have been working with CSEC to mitigate any additional costs. Two costs were identified: climate mitigation of around $4m and road/sidewalk right of way issues of $12.1m.
Since I was elected Mayor, Administration & my office have been working with CSEC to mitigate any additional costs. Two costs were identified: climate mitigation of around $4m and road/sidewalk right of way issues of $12.1m.
5/6 The City came to the table to assist with $6.4m in roadways leaving $9.7m for the Flames. Based on this gap, CSEC informed me they are walking away from our deal.
On a project worth over $650m, to have one party walk away for 1.5% of the value of the deal is staggering.
On a project worth over $650m, to have one party walk away for 1.5% of the value of the deal is staggering.
6/6 I wanted Calgarians to be the first to know. I am as disappointed as all of you that this is the way things are ending.
• • •
Missing some Tweet in this thread? You can try to
force a refresh
