Financial Contributions

Financial Contribution

Agreements

Scotia Place plays a key role in the Culture + Entertainment District in east Victoria Park that draws on the spirit of entertainment and gathering. The City of Calgary (The City), Calgary Sport & Entertainment Corporation (CSEC), The Province of Alberta (The Province) and the Calgary Stampede all played significant roles in preparing and finalizing the agreements that led to the 10-acre site where Scotia Place will be located. 

On October 5, 2024, the parties listed above signed agreements that would allow for a 40% larger Scotia Place in the C+E District than previously planned. With the additional space, Scotia Place will now reside on a 10-acre site and will have the following amenities:

  • Scotia Place
  • Indoor community plazas 
  • Outdoor community event plazas and gathering areas 
  • Attached parkade 
  • Community hockey rink 
  • Dining opportunities 

The agreements for Scotia Place are listed below. Redactions in the released agreements are in place to protect sensitive and proprietary information about project partners. 

More information about the agreements can be found on the FAQ page.

Agreements signed October 5, 2023

Agreement Action
Calgary Community Rink Grant Agreement

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Community Grant Agreement

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Covenant to Pay Agreement

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CSEC Guarantee

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Development Management Agreement

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Event Management & Road Usage Agreement

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Facility Fee Agreement

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Facility Fee - Imposition & Setting of Amount Agreement

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Grant Agreement

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Land Exchange Agreement

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Management Lease Agreement

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Master Agreement re Options to Purchase

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Non-Relocation Agreement

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Project Framework Agreement

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Right of First Offer to Purchase Agreement

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Tax Agreement

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Each Party Plays a Role

To acquire the space needed for Scotia Place, The City of Calgary and its partners entered different agreements that provided The City with the 10-acre lot needed for the event centre. 

With Scotia Place being a significant part of the vibrant Culture + Entertainment District, agreements included multiple partners, each who play key role and support the vision and common goal of the C+E District. Each party played an essential role in the agreements that facilitated the space for the event centre. 

 

City of Calgary Logo

The City of Calgary

The City will own Scotia Place and surrounding facilities. This development supports the overall vision of Calgary’s Culture + Entertainment District, which includes a modern entertainment facility. It complements the long standing agricultural, convention and sports venues; while supporting the emerging cultural, arts and education facilities, and future residential, hotel, entertainment, and retail redevelopments. It will be designed as a gathering place for all Calgarians and visitors. 

The City has been significantly investing in Calgary’s downtown for the past 10 years, which has intensified since the Downtown Strategy was approved in 2019. The recent focus has been implementing the Greater Downtown Plan through the Downtown Strategy, which includes incentive programs to begin reversing the high office vacancies and activating public spaces to encourage more people to visit and enjoy our downtown and its businesses.

The City’s investment has also supported new infrastructure and amenities in The Culture + Entertainment District, which includes BMO Centre expansion, Green Line LRT route and station, an extension of 17th Avenue S.E. and rebuild of Victoria Park/Stampede Station, Stampede Trail, and nearby improvements to 9 Avenue S.E. bridge.

CSEC Logo

Calgary Sports and Entertainment

CSEC will operate and maintain Scotia Place over a 35-year term, which includes an annual lease payment made to The City to use the facilities.

As part of the agreement, the Calgary Flames NHL franchise remains in Calgary for at least 35 more years and will provide additional annual funding to community sports, during that time.

 

Alberta Government Logo

The Province of Alberta

The Province is providing funding for infrastructure improvements in the Culture + Entertainment District, as well as half of the community rink. These improvements include the 6 Street S.E. underpass, public gathering spaces, and upgrades to streets, sidewalks, and accesses to the area.

This Provincial support is consistent with other significant investments that they’ve made in the Culture + Entertainment District, since 2007; specifically, through the formation of the Rivers District Community Revitalization Levy (CRL), which is an innovative funding source for new infrastructure and amenities throughout the area.

Most recently, the Province contributed funding through the CRL for the BMO Centre expansion, which will become the largest convention centre in western Canada. They are also funding 1/3 of the Green Line LRT program, which includes a station within the Culture + Entertainment District. The Province continues to support the Calgary Stampede – a long-standing Calgary institution and international attraction. 

Calgary Stampede Logo

The Calgary Stampede

Calgary Stampede enabled land transactions that increased the size of Scotia Place by almost 40%. They also made land available for future redevelopment opportunities, in exchange for land that they would require for their annual exhibition. As part of the agreement, The City will now own and control the roadways to better coordinate traffic and move people during events.

CLMC

Calgary Municipal Land Corporation

Calgary Municipal Land Corporation (CMLC) is leading the master plan vision for The Culture + Entertainment District. In 2018, CMLC and Calgary Stampede unveiled a 20-year master-plan vision (the Rivers District Master Plan) to transform east Victoria Park into Calgary’s Culture + Entertainment District. To set the stage for the rise of The C+E, CMLC has invested more than $600 million into foundational infrastructure and city-building projects to enhance the existing urban fabric and begin reshaping the district into a vibrant, connected and resilient community with enhanced connections to adjacent neighbourhoods. In addition, as District Construction Coordinator, CMLC supports the coordination of the many exciting developments underway in The C+E to ensure access is maintained at all times for the many Calgarians and visitors who visit the BMO Centre and Scotiabank Saddledome. CMLC and The City will collaborate on the Culture + Entertainment District improvements to make sure the whole area has the required infrastructure to support Scotia Place and the future development.

Financial Contributions

The City, The Province and CSEC are working together to fund the five main pieces within the Scotia Place.

Description

The initial investment for Scotia Place will be a total of $926.4 million, which will include the event centre ($800M), downtowns only community rink ($52.5M), a parkade ($35.4M), indoor community plaza ($9.5M) and outdoor community plazas ($28.7M). 

Description

The improvements are foundational to advance the Culture + Entertainment District as an accessible, active and walkable community where celebration is a way of life.

  • 6 Street S.E. underpass

    • Additional – and previously planned – connection between East Village, Inglewood, downtown and the Culture + Entertainment District 

    • Supports efficient movement of people who will live in the future residential areas, as well as those people walking, wheeling and driving into and out of the Culture + Entertainment District during events at the Scotia Place, BMO Centre, Calgary Stampede areas. 

  • Streets and sidewalks that are designed to accommodate public events as well as connections for people walking, wheeling and driving:

    • 5A Street S.E.

    • 15 Avenue S.E.

    • 17 Avenue S.E.

    • 25 Avenues S.E.  

  • New and upgraded utilities to support current and future redevelopment in the area

Description

There are four funding partners involved in Scotia Place. The City of Calgary will support with $515.3M, the Province of Alberta will support with $55.1M and Calgary Sport and Entertainment Corporation (CSEC) will support with $356M.

Financial contributions and The City’s return

The agreements outline three streams of funding that The City will receive from CSEC over the 35 year term:

  • $748.3 million (a present value of $356 million)

    • $40 million upfront

    • $17 million annual lease payment, escalating 1% per year

  • Future land sales

    • Four properties identified for redevelopment

    • Future sale of Victoria Park Bus Maintenance Facility

  • $52.5 millions

    • $1.5 million annual payment to community sport funding

The City benefits from event revenues

All revenues streams, which include ticket surcharge and naming rights, within Scotia Place, are consolidated into one committed and predictable lease payment to The City - $17 million per year for 35 years. The lease payment escalates by 1% per year over 35 years.

Once the 35-year term is completed, CSEC will have contributed $748.3 million.

This approach means CSEC assumes the operations and revenue risk, in exchange for any potential upside returns. It minimizes risk to The City that’s associated with being exposed to multiple variable and unpredictable revenue streams over a longer 35-year term.

Comparing previous agreements

Learn more about how the new Scotia Place deal provides more for Calgarians than previously.  

The previous agreements, which concluded Dec. 31, 2021, was funding one project: an event centre building. When the previous agreements were in place, it estimated the building to be $608.5 million. CSEC also kept the revenues in the previous agreements, except for a minor naming rights allocation.

The current agreement, in principle, includes a complete package of projects that support the development of the whole Culture + Entertainment District. Where the previous agreements only included a building, one smaller outdoor community plaza and minor road work; the current agreement expands the scope through a city-building lens that includes more community and people-centred amenities, and redevelopment opportunities.

When the doors open, people will have new and improved accesses to the area, access to downtown’s only community rink, better spaces to gather and experience, and a modern event centre that will be Calgary’s and the region’s premier sports, arts and entertainment venue.

This agreement, in principle, gives Calgary, the downtown and the Culture + Entertainment District a broader scope for a much bigger return economically and socially, than the previous agreements. 

Calgary Event Centre
Comparison to July 2021 July 2021 2023 Agreement Difference
Event Centre $608.5 $800 $191.5
Indoor Community Plaza $0.0 $9.5 $9.5
Parkade $0.0 $35.4 $35.4
Community Rink $0.0 $52.8 $52.8
Outdoor Community Plaza $0.0 $28.7 $28.7
Total $608.5 million $926.4 million $317.9 million
Culture + Entertainment District Improvements
Comparison to July 2021 July 2021 2023 Agreement Difference
Transportation connections and improvements $0.0 $147.1 $147.1
Remediation, public spaces and demolition $0.0 $57.8 $57.8
Land purchase $0.0 $33.5 $33.5
Other $0.0 $58.5 $58.5
 Total $0.0 $296.9 million $296.9 million

Edmonton Rogers Place

The City is using a similar funding approach to the one used in Edmonton, where the City of Edmonton paid for Rogers Place and the OEG Inc. are required to make annual payments (rent and ticket surcharge) to offset the City of Edmonton investment. The OEG Inc.'s upfront investment ($27 million) was 4.4% of the total cost of Rogers Place ($637 million).

OEG Inc. receives the revenues from Rogers Place and are responsible for operating and maintenance expenses. Similarly, CSEC will retain revenues from Scotia Place and be responsible for operating and maintenance expenses.

CSEC kept the revenues in the previous agreements, except for a minor naming rights allocation. Most NHL teams (and other major league teams) are responsible for the operating and maintenance expenses, as well as retain the revenues from the venues in which they play.

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