Article content

Calgary city hall has unveiled the official agreements for a new arena, offering the first public look at some of the details of the deal with the Calgary Flames owners.

Contracts published online late Monday outline the plan for cost overruns, insurance and the fate of the Saddledome.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or City hall releases detailed agreements for arena deal with Calgary Flames Back to video

The terms see Calgary Sports and Entertainment Corp. pay for the $550-million building’s insurance premiums, but they’re responsible only for the amount they would pay if the arena wasn’t on a flood plain. The city is on the hook for the difference.

Coun. Jeromy Farkas said while he’s happy to see the deal made public, he worries about the possible unknowns of those costs.

“I find it to be irresponsible for us to be signing such a blank cheque on behalf of taxpayers,” he said.

But Mayor Naheed Nenshi said he doesn’t think the terms put the city at increased risk.

“The city is this giant organization with very complex, giant insurance risk policies, and one building is not going to make a huge difference,” he said.