No news on Calgary Event Centre deal

No new information on Calgary’s event centre deal is expected Monday, as was anticipated by many.

The city says parties have agreed to the major terms, but definitive agreements are still under investigation and details are expected to come out later this year.

The $1.2 billion-dollar deal received unanimous support from city council, with people involved saying the pros will greatly outweigh the cons.

So far, the Calgary Sports and Entertainment Corporation (CSEC) is said to be chipping in $356 million  for the project, paying it over the span of 35 years.

The province is putting forward $330 million, which is meant to cover the surrounding infrastructure, while the city is contributing $537 million — covering the majority of the bill.

Related stories: 

• Calgary agrees in principle to $1.2B Event Centre deal 

• Calgary Event Centre deal gets mixed reactions 

• Albertans disapprove of Event Centre deal: poll

Many critics say the cost will certainly grow to be a lot higher, which could end up haunting Calgarians.

Economist Moshe Lander says there are a lot of questions that still need answers, including how the city will generate revenue from the deal.

“If they don’t like what happened, they can vote out that city council at the next election there’s lots of different twists, I think, and so if we feel this is the finish line, I would say that no, this is the starting point,” he said.

Coun. Sonya Sharp, chair of the city’s event-centre committee, has said there’s been a lot of misinformation spreading online relating to the agreement.

She hopes Monday’s public meeting will clear some details up, as lots of questions have come up over the last six weeks.

There is to be another building-related announcement for Calgary this week — with the city expected to announce a project Tuesday afternoon that it says aligns with the downtown strategy and will “build on the momentum of the investment and work already underway in the future of downtown Calgary.”