The Province of Alberta, the City of Calgary, the Calgary Sports and Entertainment Corporation, and the Calgary Stampede have signed agreements to move forward to the design and construction phase of the Calgary Events Centre project.
The arena is anticipated to cost $800 million, while other expenses, including surrounding infrastructure, bring total project cost to $1.22 billion. 
The Government of Alberta is providing $330 million for infrastructure investments, including land purchases, road and bridge construction, and demolishing the Saddledome. 
For full project details please see the City of Calgary project website below.