Oilers Arena OK’d

The NHL’s Edmonton Oilers may finally get a new home following a city council vote to move forward on the construction of a $450 million downtown arena and entertainment district.

The team and the Katz Group pharmaceutical franchise that owns it have been pushing for years to replace the antiquated Rexall Place in Edmonton, Alberta. The city approval prior to a land purchase deadline means the group had time to secure the property needed for the project.

In a statement to the Edmonton Journal, Katz Group VP John Karvellas lauded the council decision.

“We will work with city administration to understand the implications of the new elements of the deal introduced in today’s motions in the context of the agreements that need to be completed by month-end,” he wrote. “We believe the Edmonton arena district is a great opportunity that will benefit our entire city and region.”

But the vote is just a drop in the bucket when it comes to the massive project, which will also require buy-in from the provincial and federal governments when it comes to funding.

The Katz Group will kick in $130 million toward the arena, according to the Journal, and Edmonton Mayor Stephen Mandel has been tasked with approaching the province to secure an additional $100 million.

Other funding solutions reportedly include the creation of a special downtown taxing district to redirect money toward the project.

Design plans for the facility are under way and city officials say the project could be completed by 2015, the paper said.