Edmonton councillors to vote on new arena deal
Daryl Katz takes ownership of the Edmonton Oilers during a news conference at Rexall Arena in Edmonton on Wednesday July 2, 2008. THE CANADIAN PRESS/Jimmy Jeong
EDMONTON - Edmonton city councillors are set to vote on a revised deal to build a downtown arena for the NHL's Oilers.
City bureaucrats, who have been negotiating with team owner Daryl Katz (KATES), are recommending a deal to build the arena and surrounding infrastructure for $601 million.
Edmonton taxpayers would pay $219 million to go with $143 million from Katz and $125 million from a ticket surcharge.
Even if approved, the deal would still be $114 million short.
Both sides are hoping the provincial government will contribute that amount, but Premier Alison Redford has repeatedly stressed there will be no direct funding for a private enterprise.
This would be the second time the city and Katz have agreed to build an arena — a deal struck in 2011 collapsed late last year after Katz demanded an extra $6 million a year from taxpayers.