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Flames say they're giving up on new Calgary arena

Saying they are no longer interested in pursuing a new arena after two years of negotiations, Calgary Sports and Entertainment Corporation, which owns the Flames, released their final proposal to the city on Thursday.

Their proposal pegs the cost of a new arena at $ 500 million, and calls for the team to provide $ 275 million in upfront funding, with $ 225 million coming from a Community Revitalization Levy, or a CRL.

The CRL would use property taxes generated by new developm…
CBC | NHL News

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