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The Calgary Flames used newspaper advertisements Thursday to detail their proposal for funding a new arena in the city’s Victoria Park neighbourhood using $225 million from a community revitalization levy similar to the one used to build the East Village.

The Flames parent company, the Calgary Sports and Entertainment Corporation (CSEC) said it would pay $275 million up front to build a new city-owned arena. CSEC compares it a prepayment of rent for using the arena for 35 years.

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Using the community revitalization levy, the city would borrow money to pay for the construction of the Flames arena and then use revenues generated by the new project and an anticipated increase in property tax revenue from it to cover the loans.

The Flames say Calgary’s proposal for a three-way cost split, with $185 million from the city and the Flames and $185 million from a facility ticket surcharge, would require them to provide $613 million, equal to 123 per cent of the cost of a new arena.