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 facility would also house the WHL's Calgary Hitmen and the NLL's Calgary Roughnecks. The Saddledome is the third-oldest building in the NHL, 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.

Construction would begin in 2021 and take approximately three years to complete.