Source: Edmonton Journal
According to an update on the downtown arena project released by the City of Edmonton, the arena as currently envisioned is projected to surpass the $450 million budget set for it, and no plan is in place to deal with any additional costs.
In addition, the report also shows that the combined costs of other elements of the project exceed the budgets in place for them, and that the expected savings on land and an LRT link are not enough to compensate for the deficit. As things are now, the report shows the following gaps between budget and projected costs:
The arena: Budget, $450 million; Estimated cost: $485 million
Winter garden: Budget, $50 million; Estimated cost: $80 million
LRT Link: Budget: $17 million; Estimated cost: $7 million
Pedestrian corridor: Budget: $15 million; Estimated cost: $15 million
Land: Budget: $25 million; Estimated cost: $21 million
While the report does not total the figures listed above, the combined budget for all five is $557 million, with the current estimated cost coming in at $608 million. Additionally, the report recommends that the $10 million in savings on the LRT link be redirected to a currently unfunded element of the project, the community rink. The community rink was originally proposed as a government-funded project, with a budget of $21 million; at this stage, it is projected to cost $26 million.
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