Edmonton Oilers move a step closer to a new arena after vote by City Council

The Edmonton Oilers are a step closer to a new arena.

Even though all the money is not in place, the Edmonton City Council has given final approval to a deal that would see a new downtown arena built for the NHL club.

The vote was 10-3 in favor of the agreement with Oilers owner Darryl Katz. The agreement would keep the Oilers in the city for the next 35 years.

The rink will cost $480 million but $107 million is still needed. The city had hoped the province would make up that shortfall, but Premier Alison Redford has repeatedly said there would be no direct provincial funding for an arena.

Construction would be expected to begin by spring 2014, with the arena opening in the fall of 2016.