Tsuut'ina band members will soon receive their piece of their nation's historic ring road agreement.

The ring road will wrap around Calgary once the southwest portion is completed. (Government of Alberta)

Under terms of the deal with the Alberta government, the Tsuut'ina First Nation has been paid $275 million and received new land west of the existing reserve in exchange for land the province will use to complete Calgary's ring road.

Tsuut'ina has in the past shared the proceeds of major agreements, like land claims, by holding half of the settlement in trust for future projects and making per-capita payments to Tsuut'ina members.

In this case, $137.5 million will be paid out. With more than 2,000 members, it means each person at the reserve on Calgary's southwestern edge could receive approximately $68,000.

No final numbers have been released by the Tsuut'ina Nation.

Economic development plans coming soon

While it could be a game-changing sum of money, a spokesman for the Tsuut'ina said members are looking forward more to economic development plans, which will be laid out soon.

When our economy is good, Calgary benefits. -Tsuut'ina spokesperson Kevin Littlelight

"We're more excited about the future opportunity the ring road will give us. The money — the individual money — was never really an issue for them. It was actually, 'How are we going to benefit in the future from development around the ring road?" said Kevin Littlelight.

The strategy for redeveloping reserve land that will front the southwest ring road soon is expected to create jobs and pay benefits for generations to come.

Calgary businesses are also expected to share in the windfall from the payments.

"When our economy is good, Calgary benefits and that's what we've been working towards is the benefit of our people — and it's good for our neighbours," said Littlelight.

Roughly 69 per cent of reserve residents approved the ring road deal in a referendum in October 2013.

Payments to be issued June 26

Payments for band members who are under the age of 18 will be held in trust for them until they become adults.

Littlelight said the per capita payments will be issued on June 26.

Last month, the federal government approved changing the boundaries of the Tsuut'ina Nation. More than 400 hectares of reserve land was transferred to the Alberta government, which will construct a freeway on it.

In exchange, the Tsuut'ina received more than 2,000 hectares of Crown land that has been added to the western side of the reserve.

Under the terms of the ring road agreement, the province has seven years to complete the road on the former Tsuut'ina land or it will revert to the First Nation.

Construction is expected to start on that portion of the ring road in 2016, although Alberta's new NDP government has yet to say anything about the project.