Calgary approves taxpayer-funded arena for Flames

A final agreement to give the NHL's Calgary Flames a new taxpayer-funded arena was signed Thursday. "I am pleased to announce that definitive agreements are signed between the city, the Calgary Flames and the Stampede for Calgary's new event center and culture and entertainment district. Onward to the next chapter of our city's story," city of Calgary councillor Jeff Davison tweeted Thursday morning.

While the Flames will pay $275 million (approximately $208 million U.S.) for the new arena, taxpayers will be on the hook for $290 million ($220 million U.S.). The controversial plan reportedly will force massive cuts to the city's Green Line light-rail project. While city councillors were not on board with the project as recently as last week, a shift in thinking came about less than one week later.

The Flames will be the anchor tenant in the new building that is expected to be the centerpiece of a redevelopment project east of downtown, bordering the famed Calgary Stampede rodeo and festival grounds. The Flames currently play in the Scotiabank Saddledome, a 19,289-seat arena built-in 1983. The building was host to ice hockey and figure skating in the 1988 Winter Olympics. The Saddledome is owned by the city of Calgary.