- Rogers Place is being built for $483.5 million, including underground parking.
- The Katz Group is paying $132.5-million. $112.8-million of their contribution will be paid to the City as rent over 35 years, and cover the City’s principal and interest costs. The remaining $19.7-million will be paid as cash.
- The City of Edmonton’s contribution of $226-million to the arena building includes funding through a Community Revitalization Levy, new parking revenues, and redirecting the current Rexall Place subsidy.
- $125-million will be collected through a ticket surcharge.
The City of Edmonton owns Rogers Place and the land that it sits on.
The City entered into a series of agreements with the Edmonton Arena Corporation (EAC), owned by Daryl Katz, who also owns the Edmonton Oilers, to design, build, and operate Rogers Place.
These agreements achieve the following 4 objectives, which were identified during public consultation:
- Protection of the City’s interests
- Does not increase current municipal property taxes
- Sustains the NHL in Edmonton
- Provides public infrastructure as a catalyst for downtown revitalization
Summary of Financial Framework Terms
The total cost of the project is $613.7 million. The entire project includes the arena, Winter Garden (Ford Hall), Downtown Community Arena, LRT connection, pedestrian corridor and the land.
None of the sources of funding for Rogers Place or the associated infrastructure result in an increase in municipal taxes.
Element | Estimated Cost | CRL | Other City Funding | EAC Lease Funding | EAC Cash* | Ticket Surcharge | Other |
---|---|---|---|---|---|---|---|
Rogers Place (the arena) | $483.5 | $145 | $81 | $112.8 | $19.7 | $125 | |
Winter Garden | $56.8 | $25 | $0.1 | $25 | $6.7 | ||
Pedestrian Corridor | $15 | $15 | |||||
LRT Connection | $7 | $7 | |||||
Community Downtown Arena | $24.9 | $14 | $0.1 | $0.3 | $10.5 | ||
Arena Land | $26.5 | $25 | $0.5 | $1 | |||
Totals | $613.7 | $231 | $81.7 | $137.8 | $27.7 | $125 | $10.5 |
(costs in millions)
*Cash funding is from the EAC and ICE District Joint Venture, both of which have an ownership interest by the Katz Group.