New Edmonton arena plan on the verge of approval (Update: Approved)

Edmonton city councilors are poised to approve a new downtown arena financing plan that will see the Oilers move into a new $480 million home by 2016.

From the Globe and Mail:

The city would provide a total of $219-million in funding, including $140-million for the arena itself. The Katz Group would provide $143-million, including $115-million for the arena itself. $125-million would be provided by a ticket surcharge, all of it directed to the arena project.

It should be noted the plan still calls for the province to chip in $100 million for the arena, which may be easier planned than actually accomplished.

If you’re into this sort of thing, the Edmonton Journal has been running a live blog of today’s meeting.

Update: Deal approved.