The Flames figure they are going to contribute $275 million, by way of a "lease prepayment", towards a $500 million arena they will not own, so no property taxes will be paid.  The Flames and the City will enter into some sort of "management agreement" which directs all revenues from the facility to the Flames, who will be responsible to maintain it, but not for capital improvements, etc.  The City, in return, pays $225 million for another 35 years of mediocre hockey punctuated by infrequent trips to the playoffs, and property taxes from the potential revival of a part of the inner city whose revival has been underway for a number of years now, and is largely paid for.

What a deal.  Can't imagine why Nenshi didn't jump all over it.