Overview of Edmonton's proposed downtown arena and entertainment district site presented to city council in May 2012. Photo Supplied by City of Edmonton
EDMONTON - The city finally has an 'absolute deal' for a $480 million downtown arena after council voted 10 to three Wednesday in favour of a new framework agreement.
"This is not a 99% deal, this is 100% we have a deal," said Mayor Stephen Mandel following the council meet. "I'm very excited. Without this kind of project we would not be the city we can be."
City hall was a zoo Wednesday morning as Katz Group officials and Edmonton Oilers players arrived to join a packed house in council chambers.
City manager Simon Farbrother presented a report to council detailing three options but recommending they move forward on option A -- a new arena deal similar to the one hashed out back in 2011, but with a few amendments.
"The option recommended guarantees an NHL tenant, shares costs with a private company, and keeps the Oilers in Edmonton for the long term," he told council.