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But regardless of the study’s outcome, Mayor Naheed Nenshi pointed out there are at least three major capital projects that fall within the redevelopment boundary for Victoria Park where the entertainment district would be located.

Council will have to decide whether to allocate funds to an arena, an expansion of BMO Centre or an expansion of Arts Commons — or a combination of the three.

“What I’m really interested in is, what are the impacts of those singly? And what are the overlap impacts that multiply when you have them all in one district?” Nenshi said. “I think if we can figure that out, that really helps us make a decision.”

A number of funding sources could be available to bankroll the creation of an entertainment district. The city has approximately $300 million to spend on a major project over the next few years, says city manager Jeff Fielding.

An expansion of the convention centre could be eligible for provincial and federal funding. And future revenue from an extension of the community revitalization levy could be applied to one of the projects. The city could also borrow the money if council elects to take on more than one project at once.

Committee chair Jeff Davison said he wants council to fund an expansion of BMO Centre and help construct a new arena as part of a larger investment in an entertainment and cultural district.

“The investment the city’s going to place there is really showing we’ve got skin in the game here and it’s going to set the tone for the private sector to come to the table,” Davison said.

“I think Calgary needs a win. We have a strategic investment opportunity that’s before us and right now that’s where we need to look at starting to create value as a city. You can’t just roll over and do nothing.”

Council is expected to make a decision on which projects it will prioritize over the next four years at a strategic meeting on Jan. 28.

mpotkins@postmedia.com

Twitter: @mpotkins