The City of Calgary, Calgary Sports and Entertainment Corporation, and the Calgary Exhibition and Stampede Limited have agreed to fundamental terms and conditions for the development and construction of a new public sports and entertainment event center, according to the city's press release.

The event center would serve as a new home for the Flames, who've played at the Scotiabank Saddledome since 1983. The Saddledome is the third-oldest building in the league, behind Madison Square Garden and Nassau Coliseum.

The estimated cost of the event center is $550 million, which will be split 50/50 between the city and the team. The city will own 100 percent of the event center. The team will bear 100 percent of the operating, maintenance, and repair costs for the duration of the 35-year agreement.

Here's a look at an artist's conceptual rendering of the project:

The event center would be located adjacent to the downtown core in East Victoria Park.

The agreement is subject to a vote of Calgary's city council on July 29, a seven-day public comment period, and customary approvals by the CSEC and the Stampede.

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