Calgary's city council voted 11-4 in favor of the Flames' new arena project Tuesday, according to The Canadian Press' Donna Spencer.

City lawmakers, Calgary Sports and Entertainment Corporation (the entity that operates the club), and Calgary Exhibition and Stampede Limited agreed to fundamental terms and conditions for the development and construction of a new facility to replace Scotiabank Saddledome last week.

The new sports and entertainment event center carries an estimated construction cost of $550 million, which will be split 50-50 between the city and the team.

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