The new Edmonton Oilers arena plan is officially underway, according to Oilers owner Daryl Katz, with contractors having agreed to cover any overruns above the $480 million construction price. (The total cost is $676 million, counting land, a pedestrian bridge, and a new light rail link.) The Edmonton Journal calls this the “final obstacle” in the way of the project, which has been in the works seemingly forever.
It seems like there was something else that needed to be resolved … oh, right, the at least $50 million funding hole. It looks as though Edmonton is happy to just issue an IOU for that and figure out how to pay for it later, however, so it’s safe to break ground. Which is pretty much where we’ve been since last May, but hey, a rich guy held a press conference, it’s gotta be news, right?