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Did you know that the city of Calgary is very close to replace the old Scotiabank Saddledome?

So it is, because after years of negotiations, and even some previous failed negotiations, it seems that the agreement regarding the replacement of the old Scotiabank Saddledome, opened in 1983, will finally come to its end.

The information was recently released, and states that the new construction will be located in the city center between 12th and 14th Avenue S.E, intersection of Fifth Street and Olympic Way.

It should be noted that this site is currently owned by Stampede and its use has been assigned to parking lots and roads.

The agreement involved: the City of Calgary, Calgary Sports, Entertainment Corporation (CSEC) and the Calgary / Stampede Limited Exhibition.

Representatives of the three organizations, including Mayor Nenshi, Ken King and Warren Connell, were the ones who provided updated information on the agreement.

The recent proposal states that the Saddledome will be demolished at an approximate cost of $ 12.4 million for the city, plus an additional $ 3 million in transaction costs.

The plan suggests that once the current building has been demolished, the new project will begin to be built.

Features of the new event center:

1.An event center with an approximate capacity of 19,000 seats.

2.Commercial spaces and shopping center.

3.Possibly a second, smaller arena.

The city said that this new construction will provide around $ 400.3 million in returns over the next 35 years, from property taxes, facility fees, support to local community sports groups and their participation in naming rights, between other benefits.

Highlights of the agreement:

1. The city will own 100% of the event center.

2. The city will receive an installation fee for each ticket issued, during the term of the agreement (35 years).

3. CSEC will be 100% responsible for the costs of operation, maintenance and repair throughout this period.

4. The city will receive a part of the naming rights.

Key benefits of this new center:

1. CSEC's commitment to provide an additional $ 75 million in additional funds for sports and amateur organizations.

2. Creation of new business investment opportunities.

3.Increment of sustainable tourism in the city.

4. Creation of value through the entry of property tax.

5-Job creation before, during and after the construction of the facilities.

It is important to note that, if the aforementioned project gets its approval, the construction of the new event center will begin during the year 2021.

Finally, the city expressed that the public and residents of Calgary can participate in the proposal by sending emails, writing or calling their city council representatives, or by going directly to the City Clerk's office.

If you are interested in participating in this crucial initiative, do not waste time and express your comments or opinions as soon as possible, as the final vote according to the municipal council is scheduled for July 29, 2019.