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Edmonton council approves $601M arena project

Edmonton city administration is recommending councillors consider a re-drawn downtown arena plan valued at $601 million.
Edmonton Oilers Ryan Smyth (left), Nick Schultz, Jordan Eberle and Shawn Horcoff attended Wednesday's meeting along with team president and CEO Patrick Laforge. (CBC)

Edmonton city council voted on Wednesday in favour of a re-drawn downtown arena plan valued at $601 million.

The arena itself would cost $480 million, with the Winter Garden set at $53 million. A pedestrian corridor, LRT connection, community rink and cost of purchasing the arena lands would add $68 million to the total.

The deal calls for the city to put up $219 million (raised through a community revitalization levy), Edmonton Oilers owner Daryl Katz to put up $143 million with $114 million to come from other levels of government.

A ticket surcharge would raise another $125 million. 

The latest proposal increases the city's share by a "quite manageable" $5 million compared to the October 2011 framework, said city CFO Lorna Rosen.

The CBC’s Scott Lilwall (@scott_lilwall) and Scott Fralick (@ScottFralick)  live-tweeted all the action as it unfolded at Wednesday's council meeting.