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Katz Group and YEG reach agreement on arena funding model

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Old
05-18-2011, 11:00 PM
  #51
Hugo Stiglitz
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It's about time something major happened. After all the difficulties that seemed to be in the way, it's good to see something accomplished.

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05-18-2011, 11:00 PM
  #52
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Quote:
Originally Posted by HallOfGreatness4 View Post
I have to admit, I thought all you Edmonton faithful would be a lot more happy! This is huge news, no?
Bittersweet. Vancouver won.

But yes absolutely fantastic news.

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05-18-2011, 11:00 PM
  #53
SK13
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Quote:
Originally Posted by HallOfGreatness4 View Post
@Dan Tencer
Katz pays 100, City 125, user pay of 125...need 100 from province or feds. I maintain as I have all along...province will step up.
Strange that they approved a framework with $100 million missing.

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05-18-2011, 11:00 PM
  #54
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YES!!! **** the canucks, I feel like humping someone!!! RX2 FOREVER!!!

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05-18-2011, 11:00 PM
  #55
syz
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Quote:
Originally Posted by HallOfGreatness4 View Post
I have to admit, I thought all you Edmonton faithful would be a lot more happy! This is huge news, no?
Waiting for someone to **** it up somehow. They still have time.

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05-18-2011, 11:00 PM
  #56
Oilerdiehard
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Quote:
Originally Posted by HallOfGreatness4 View Post
I have to admit, I thought all you Edmonton faithful would be a lot more happy! This is huge news, no?
I am beyond thrilled personally! Just so focused on the actual details at the moment before celebrating.


Quote:
Originally Posted by SK13 View Post
Strange that they approved a framework with $100 million missing.
They might not be formally saying it yet. But obviously they know where it is coming from IMO.

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Old
05-18-2011, 11:01 PM
  #57
SK13
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Quote:
Originally Posted by TheStig View Post
I Like 20k for long term
Can't consistently fill a 20k arena here. Easily available singles and doubles hurts the long term season ticket holder base.

Always go for the sweet spot.

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Old
05-18-2011, 11:01 PM
  #58
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http://www.revitalizedowntown.ca/cit...o-build-arena/

More details.

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05-18-2011, 11:01 PM
  #59
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Quote:
Originally Posted by HallOfGreatness4 View Post
I have to admit, I thought all you Edmonton faithful would be a lot more happy! This is huge news, no?
come back tomorrow when all the info is out and the spin docs have had there say and people have their rants

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05-18-2011, 11:01 PM
  #60
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Quote:
Originally Posted by HallOfGreatness4 View Post
I have to admit, I thought all you Edmonton faithful would be a lot more happy! This is huge news, no?
This is Edmonton as you say, and the Edmonton media. I'm still waiting for the tweets to say this was all a mistake and Heatley did in fact NOT waive his NTC. Wait, what are we talking about here?

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05-18-2011, 11:01 PM
  #61
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from Paula Simons' facebook (EJ) page:

Quote:
IMMEDIATE RELEASE

City and Katz Group agree on agreement framework to build arena
Framework will enable negotiations on a formal Master Agreement

Edmonton, May 18, 2011 – City Council has approved an agreement framework between the City and the Katz Group to build a new downtown arena. The framework sustains NHL hockey in Edmonton for 35 years, supports downtown revitalization and limits the City’s risk.

The terms of the framework will form the basis for the City and the Katz Group to negotiate a formal Master Agreement. Both parties can now also begin to pursue additional funding sources.

“We believe this framework is fair for both sides and reflects what we heard from Edmontonians,” says City Manager Simon Farbrother. “This framework allows us to move forward with this project and ensures that we will continue to align our efforts with what the community has told us are Edmonton’s priorities for this important project.”

“From the beginning we have approached this project with the twin objectives of creating a major engine to drive the revitalization of downtown and of creating a model for the long term sustainability of the Oilers in Edmonton,” says Katz Group Executive Vice President Bob Black. “City Council’s decision is a watershed moment that puts us on a path towards achieving these objectives. There remains a lot of hard work ahead to conclude a definitive agreement and we are anxious to do so as soon as possible.”

The framework closely reflects the terms and conditions outlined by Council in the motion passed at their April 6th meeting (www.edmonton.ca/downtownarena). Among the key highlights:
The price for the arena building is set at $450M
The City’s contribution to the building is $125M
The Katz Group will contribute $100M
$125M will come from a user-paid facility fee
The City will own the building and land
The Katz Group will operate the building and be responsible for all maintenance, upgrades, operating and capital expense costs
The Oilers will remain in Edmonton for at least 35 years

This framework does not constitute a final and binding agreement. Both parties will now begin to work on the Master Agreement to advance the project further, including by working to secure the remaining funds required.

- 30 -

About Edmonton:

This is a city alive with energy and boundless opportunity - a growing economic powerhouse where business thrives and more than a million lives enjoy the freedom to explore, experiment, experience, excel and expect the most out of every day. A place like no other, Edmonton is filled with surprises great and small and a calendar packed with artistic, sporting, theatrical and cultural celebration.

For more information on Edmonton, please visit www.edmonton.ca and
www.edmontonstories.ca

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Old
05-18-2011, 11:02 PM
  #62
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Quote:
Originally Posted by metallicat View Post
This is Edmonton as you say, and the Edmonton media. I'm still waiting for the tweets to say this was all a mistake and Heatley did in fact NOT waive his NTC. Wait, what are we talking about here?

I think a few people have gone to bed and will wake in the morning and then swing by to way in

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05-18-2011, 11:02 PM
  #63
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Quote:
Originally Posted by zaray_656 View Post
Bittersweet. Vancouver won.

But yes absolutely fantastic news.
Good things happen in 3:

1. Arena deal

2. Return of the Jets

3. Canucks choke and lose the cup.

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05-18-2011, 11:03 PM
  #64
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Quote:
Originally Posted by TheStig View Post
I Like 20k for long term
I prefer 18-19000 seats because it sets up a nice supply vs. demand ratio for tickets.

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05-18-2011, 11:04 PM
  #65
SK13
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Originally Posted by Oilerdiehard View Post
They might not be formally saying it yet. But obviously they know where it is coming from IMO.
I would tend to agree.

And of course Andy Grabia is all upset on twitter. I hate that guy so damn much.

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05-18-2011, 11:04 PM
  #66
Zap Brannigan
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Yeah Baby Yeah

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Old
05-18-2011, 11:05 PM
  #67
metallicat
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Curious to see how much my season tickets are set to go up when they move in to their new home.

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Old
05-18-2011, 11:06 PM
  #68
Gobo
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Ya!

After being to the Arena in Phoenix (Jobing.Com IIRC), Rexall is quite ****** in comparison.

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05-18-2011, 11:06 PM
  #69
Oilerdiehard
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Quote:
Originally Posted by SK13 View Post
I would tend to agree.

And of course Andy Grabia is all upset on twitter. I hate that guy so damn much.
Yep.

Hey your post count nearly matches the new seating capacity of the arena. Creepy...

The vote was fairly close I guess at 8-5.

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Old
05-18-2011, 11:07 PM
  #70
metallicat
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Who is this Andy Grabia?

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05-18-2011, 11:09 PM
  #71
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Great news for Edmonton, and well-deserved. Congrats to you all.

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05-18-2011, 11:09 PM
  #72
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Originally Posted by metallicat View Post
Who is this Andy Grabia?

dunno, he's pretty angry about the arena deal (specifically the gov't funding portion).

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Old
05-18-2011, 11:09 PM
  #73
Bryanbryoil
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18,500? How many seats are there in the current building? Isn't it about the same?

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05-18-2011, 11:10 PM
  #74
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Originally Posted by Bryanbryoil View Post
18,500? How many seats are there in the current building? Isn't it about the same?
Not even close... Rexall only has just over 16,000.

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Old
05-18-2011, 11:10 PM
  #75
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18,500? How many seats are there in the current building? Isn't it about the same?
16,839 according to the wiki page anyway.

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