Downtown Arena

Downtown is an important entity in our city. As the downtown thrives, so to does the city. We have invested millions of dollars upgrading and building facilities all over this city: Terwilliger Recreation Centre, Meadows Recreation Centre, Alberta Avenue Revitalization, Fort Road Revitalization, Jasper Place Revitalization, Clareview Recreation Centre, just to name a few. Why then would we not invest the money to bring our downtown to life?”- Ed Gibbons

Some questions have arisen about the downtown arena project, so it’s best to be clear: There will be no tax increase because of the arena.

Here’s the breakdown of the final funding framework:

Edmonton Arena Corporation
Arena Building:  Debt Servicing
Through Lease Payments  $112,810,000
Annual Lease Payments for 35 years  $5,482,231
Cash Contribution over Construction Period  $17,190,000
Total EAC Funding Arena Bulding  $130,000,000
Wintergarden:
Through Lease Payments  $25,000,000
Annual Lease Payments for 35 years  $1,214,926
Cash Contribution over Construction Period  $6,500,000
Total EAC Funding Wintergarden  $31,500,000
Total EAC Funding  $161,500,000
EAC Operation of Downtown Arena:
Ticket Surcharge on Downtown Arena Events  $125,000,000
Annual Payments for 35 years  $6,074,629
Total EAC Responsibility  $286,500,000

 

City of Edmonton
Arena Building: Debt Servicing
Downtown Community Revitalization Levy (CRL): $120,000,000
Annual Payments for 20 years $7,913,098
Other City Funding $80,000,000
Re-allocation of Northlands Subsidy $2,600,000
Incremental Downtown Parking Revenue $2,500,000
Property Taxes on Arena Parkade $240,000
Annual Payments for 20 years $5,275,399
Total City Funding Arena Building $200,000,000
Associated Public Infrastructure:
Wintergarden $25,000,000
Pedestrian Corridor $15,000,000
LRT Connection $7,000,000
Community Rink $7,000,000
Arena Land $25,000,000
Downtown Community Revitalization Levy (CRL): $79,000,000
Annual Payments for 20 years $5,209,456
Total City Responsibility $279,000,000

 

Other Government
Regional Collaboration Program Allocation (over 3 years) $25,000,000
Provincial Community Rink Contribution $7,000,000
Federal Community Rink Contribution $7,000,000
Total Other Government $39,000,000

 

Total Arena Funding: $604,500,000

Tax increase due to arena: 0

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