It's no longer hypothetical. Calgary taxpayers have actually bought themselves a new NHL arena.

Coun. Jeff Davison states a last offer has been signed to make the questionable brand-new event centre-- a brand-new house for the Calgary Flames-- a truth.

"I am delighted to reveal that conclusive agreements are signed in between the city, the Calgary Flames and the Stampede for Calgary's new event centre and culture and entertainment district. Onward to the next chapter of our city's story," Davison tweeted Thursday morning.

That taxpayers are paying $290 million towards the job-- pegged at $565 million-- has divided the community, while the city makes deep cuts to positions and services.

The Calgary Flames are paying $275 million towards the arena as the main renter.

Coun. Jeff Davison, a passionate cheerleader for the arena, says the city consented to devote an additional$15 million in taxpayer financing to cover land transfer and demolition costs. (Scott Dippel/CBC)

The city had actually originally devoted to just match what the Flames were providing--$275 million-- however through the negotiation process, increased the taxpayer part by$15 million to cover land transfer and demolition expenses, Davison discussed later Thursday. Coun. Evan Woolley convinced only 3 fellow councillors that reconsidering the taxpayer-funded part of the arena was the way forward. Most of his associates voted versus that idea last Friday. Woolley had actually floated the concept of diverting funds to the Green Line task

instead. The arena deal also comes simply over a month after a provincial budget slashed moneying to the

Green Line over the next four years by approximately 85 percent-- from$550 million to$75 million. The Green Line is a brand-new leg of the city's light rail transit system initially proposed to run from the far north to the far southeast of the city, linking neighborhoods previously served primarily by bus routes. The$4.9-billion project-- Calgary's biggest facilities project ever-- had dedications from all three levels of federal government, until the

provincial election in April made the province's portion less specific. The building will be house to the Flames and will serve as an anchor for the planned home entertainment district bordering the Stampede premises on the east side of downtown

. Coun. Diane Colley-Urquhart had actually argued the arena will have to do with more than hockey-- it will have to do with advancement. "It is a reasonable deal and it is the best deal, for the best time," she stated in

July. The proposed deal was revealed mid-July and Calgarians were only given seven days to provide feedback. Council spoke with more than

5,200 citizens who sent their views. The offer was a take-it-or-leave-it proposition.

The Calgary Stampede and the Calgary Sports and Entertainment Corporation currently authorized the offer based upon the understanding it would be dealt with by the city at that time."The deal that we have in

front of us today ... was really done on a dedication to timing,"Barry Munro, who led settlements on behalf of the city, stated back in July. Davison says a last, official arrangement has been signed between the City, CSEC and the Stampede on a brand-new arena in Victoria Park. #yyccc & mdash; @CBCScott Interest for taxpayer funding has developed significantly over the previous five years. <In 2014, almost every councillor protested spending tax dollars on an arena, the Calgary Herald reported. The Flames have actually concurred to be the main tenant, previous city lawyer Glenda Cole said Thursday. Munro stated there are 16 or 17 agreements that make up the whole plan. He stated, in his view, the offer follows what was authorized in July. The Flames ownership group says the agreement is a relocation in the best direction." [This] represents another important action in the

procedure that was announced in July,"Calgary Sports and Entertainment Corporation (CSEC )CEO John Bean said in a declaration."We now turn our attention to the execution of the job."'Not the best deal'A sports economist says the city's existing economy

and tax environment add to an ideal storm of factors not to proceed with this arena. "The Flames turned an amazing regular season last year into a stunning first-round exit and current on-ice performance that is disappointing at finest and the team lost its coach to admissions of

bigotry and typically violent

behaviour towards his players and now the city decides to announce taxpayer money for the arena?"asked Moshe Lander of Concordia University.

An excellent public relations campaign ought to have been utilized by the city, he said. "They discovered absolutely nothing from the statement of the deal-in-principle this summer when they also mangled the press release to accompany countless dollars of cuts in vital services. The city needs a brand-new arena, no doubt, but this was not the best deal and it produces the template for CSEC to follow with city board when it wants to

get a replacement for McMahon Stadium." The Calgary Municipal Land Corporation

(CMLC )will be the job development supervisor. An ecological evaluation of the website will begin this month, followed by public information sessions, CMLC's Kate Thompson said. Public engagement on details around the job will begin in the brand-new year, with a report arranged for April. "I am delighted to announce that definitive contracts are signed in between the city, the Calgary Flames and the Stampede for Calgary's brand-new event centre and culture and entertainment district. The Green Line is a new leg of the city's light rail transit system originally proposed to run from the far north to the far southeast of the city, connecting neighborhoods formerly served mostly by bus routes. Davison states a final, formal agreement has been signed in between the City, CSEC and the Stampede on a new arena in Victoria Park. The Flames have actually agreed to be the primary tenant, previous city solicitor Glenda Cole said Thursday. A great public relations project should have been utilized by the city, he said.