CALGARY -- A new NHL arena in Calgary is closer to becoming a reality.

The city, the Calgary Flames and the Calgary Stampede have agreed on terms for an event centre that would become the new home for the Flames and replace the 36-year-old Saddledome.

City council has yet to ratify the deal, but details were released Monday evening to the public.

Council is expected to vote on ratification next week.

The estimated cost of the proposed 19,000-seat venue is $550 million.

The cost to build it will be split equally between the city and Calgary Sports and Entertainment, which owns the Flames, the Western Hockey League's Hitmen, CFL's Stampeders and National Lacrosse League's Roughnecks.

The city will own 100 per cent of the event centre.

CSEC will cover 100 per cent of the operating, maintenance and repair costs for the period of the 35-year agreement.

Also part of the complex deal, CSEC will retain all revenues generated by the event centre, but the city will receive a facility fee over the lifetime of the agreement, a share of the building's naming rights and revenue from a ticket surcharge.