Thread by @AdamMacVicar

CSEC President and CEO John Bean says it's been a long and bump road regarding the arena deal. He thanks administration at the City of Calgary and the fans for their feedback. #YYC #YYCcc @GlobalCalgary

Bean says the primary objective of the project was to provide a first-class entertainment centre for Calgarians. But "it's clear the City and CSEC have been unable to resolve issues" regarding costs. #YYC #YYCcc @GlobalCalgary

Bean says the City of Calgary informed CSEC in July they wouldn't be able to fufill their half of the arena will costs increasing, so CSEC offered to take a higher amount of the price tag and shoulder additional costs. #YYC #YYCcc @GlobalCalgary

According to Bean, the cost of the event centre is now at $634M due to cost increases. #YYC #YYCcc @GlobalCalgary

Bean says there are infrastructure and climate mitigation costs that are being "insisted" by the City of Calgary.

Those costs are related to conditions related to the approval of the development permit. #YYC #YYCcc @GlobalCalgary

Bean says the additional costs for CSEC would be around $81M. #YYC #YYCcc @GlobalCalgary

Bean says the agreement always allowed for a no-go decision prior to breaking ground. He says both sides could've bailed, and that decision was scheduled for tomorrow. #YYC #YYCcc @GlobalCalgary

Bean says the plan was to announce the end of the deal together with the City of Calgary. #YYC #YYCcc @GlobalCalgary

Bean says the Calgary Flames will continue to play in the Saddledome. #YYC #YYCcc @GlobalCalgary

Was this out of left field for CSEC. Bean says they were open to achieving LEED certification. He says they weren't expecting the building to be net-zero by 2035 and the solar panels. #YYC #YYCcc @GlobalCalgary

Bean says they were open to that and supportive of that climate mitigation. But they wanted the City of Calgary to help with those costs. #YYC #YYCcc @GlobalCalgary

Bean says when the costs rose from $608M to $634M it had more to do with construction costs rising. He says the surprise came around costs for the sidewalks and roads around the building and the climate mitigation - he says it wasn't included in the $608M cost. #YYC #YYCcc

Will CSEC go back to the table with the City of Calgary? Bean doesn't answer. He says there were many factors behind this decision by CSEC other than cost increases. #YYC #YYCcc @GlobalCalgary

Bean says he won't get into the ifs and buts. He doesn't want to negotiate in public on this situation. #YYC #YYCcc @GlobalCalgary

Bean says CSEC accepted to shoulder all reasonable cost increases. He says those additional costs for things like roads and sidewalks wasn't on the table and should've been on the table. #YYC #YYCcc @GlobalCalgary

Bean is asked if this is an attempt to make the City of Calgary the villain in this despite the inflationary costs.
Bean says he's not looking for a villain and they were prepared to proceed. He says this isn't CSEC looking for a way out. #YYC #YYCcc @GlobalCalgary

Bean adds that the right-of-way costs and climate costs should've been on the table and not the responsibility of CSEC. #YYC #YYCcc @GlobalCalgary

Bean says the goal for CSEC is to continue providing a great entertainment experience for fans at the Saddledome for "many years to come." #YYC #YYCcc @GlobalCalgary

Bean says there was a contingency fund on the event centre project on the CSEC side included in the numbers. He says they landed on a number they thought was appropriate. #YYC #YYCcc @GlobalCalgary

Bean is asked about a comment from Gondek that if CMLC was still on the project, then maybe the $19M wouldn't have been a surprise. Bean says he doesn't know how to answer and the costs weren't on the table during negotiations. #YYC #YYCcc @GlobalCalgary

Bean is asked about a difference in tone between the last council and this council. He says Gondek expressed desire to see the Event Centre built. He says they all had mutual alignment to get it built, but it came down to who pays for what. #YYC #YYCcc @GlobalCalgary

I gotta run to another press conference. Stay tuned. #YYC #YYCcc @GlobalCalgary