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Rogers Place

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The arena building was initially estimated to cost $450 million. The City of Edmonton was to pay $125 million, the Katz Group was to contribute $100 million, and $125 million was to come from a user-paid facility fee. The remaining money was expected to come from the province or federal agencies. Estimated cost then increased substantially during continued discussions to a current estimated price of $480 million for the arena, and $604.5 million for the entire project. The arena will be funded by the following sources: File:Rogers place mockup.gif

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Thornton Tomasetti DIALOG

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ICON Venue Group

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Rogers Place

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2014-03-03

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4.8E8

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Rogers Place

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Oilers Entertainment Group

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PCL Construction

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Basketball: ≥19,500 Concert: 20,734 Hockey: 18,641

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Arndt Tkalcic Bengert 360 DIALOG Manica Architecture

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M-E Engineers, Inc.

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2016

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Edmonton Oil Kings Edmonton Oilers

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Edmonton Light Rail Transit

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n5:abstract

The arena building was initially estimated to cost $450 million. The City of Edmonton was to pay $125 million, the Katz Group was to contribute $100 million, and $125 million was to come from a user-paid facility fee. The remaining money was expected to come from the province or federal agencies. Estimated cost then increased substantially during continued discussions to a current estimated price of $480 million for the arena, and $604.5 million for the entire project. On October 26, 2011, the Edmonton City Council approved a funding framework for the arena by a vote of 10 to 3. However a year later, with costs escalating and the Katz Group making increasing demands, the city passed a motion to end negotiations with the Katz Group and to seek out a new deal or find other options but would still be open to communicating with Daryl Katz for future talks. A new agreement was reached on January 23, 2013 between the two parties on moving forward with the arena. Construction of the new arena is due to break ground in the summer of 2013. On May 15, 2013, the Edmonton City Council passed a deal that will see the city of Edmonton and Oilers owner Daryl Katz each put in more money to offset the $55 million shortfall needed to build the new downtown arena. Katz will chip in an additional $15 million through the Edmonton Arena Corporation and another $15 million will come from the Community Revitalization Levy (CRL). On December 3, 2013, Rogers Communications announced that it had obtained a 10-year naming rights deal for the new arena, which will be known as Rogers Place. The deal expands on Rogers' existing sponsorship deals with the team. The arena will be funded by the following sources: * $279-million from the Community Revitalization Levy (CRL) and other incremental revenues (increased parking revenue, reallocation of existing subsidy paid to Northlands and new taxes from business in the arena) * $125-million from ticket surcharge on all events in the new arena * $137.81-million from lease revenue for the Arena * $23.68-million in cash from Edmonton Arena Corporation * $25-million from other government sources On February 11, 2014, it was announced that the project was completely funded, and would go ahead. File:Rogers place mockup.gif