The city of Edmonton and the Katz Group have came to terms on Wednesday afternoon on an agreement to begin construction on a new arena in the downtown area of Edmonton.
The arena will become of the new home of the Edmonton Oilers.
The agreement passed a vote by the city council by a margin of 10-3 and will allow construction to begin this fall. In total, the costs have been projected at $480 million, which will be divided among team owner Daryl Katz, the city and other levels of government.
According to CBC, Katz will provide $143 million, the city will contribute $219 million and the other levels of government to include $114 million.
In addition to the stadium, Katz plans to develop the area surrounding the arena, which will include a 26-floor luxury hotel, two office towers, six other buildings and an Oilers Plaza. The Plaza will be connected to the arena by the Winter Garden pedestrian bridge, which is expected to cost $57 million (the city will contribute a maximum of $25 million).
In total, Katz is planning on investing $2 billion into the construction around the stadium.
The arena is expected to open in 2016.