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“CalgaryNEXT,” administration concludes, “is not feasible in its present form or location.”

Read the complete report here (pdf)

In a statement, Mayor Naheed Nenshi said the report provides council with a better grasp on how it can remediate creosote contamination in the West Village area before proceeding with redevelopment.

“Public money must be used for public benefit and council will have a robust discussion about this on Monday,” Nenshi said. “Administration has also identified a potential alternative for council’s consideration that may accomplish the same objectives, but at a lower cost.”

The Calgary Sports and Entertainment group owns the Flames, Stampeders, Hitmen of the Western Hockey League and Roughnecks of the National Lacrosse League. Those teams now play in some of their respective leagues’ oldest facilities; the Saddledome was built in 1983 and McMahon Stadium in 1960.

Unveiled last August, CalgaryNEXT would span several blocks near the Bow River, include a 20,000-seat event centre for hockey games and concerts, a 400-metre indoor track and a regulation CFL field, with seats for 30,000 football fans.

Ken King, CEO of the ownership group, pitched a funding scheme that sees the owners kick in $200 million, the city contribute $200 million for the field house, $250 million would be borrowed and paid down through a ticket surcharge, and the remaining $240 million raised through a community revitalization levy that generates revenue on future property tax growth.