The City of Calgary, Calgary Stampede and Calgary Flames ownership signed a deal for a new $550-million arena.

A new home for the Calgary Flames will be debated Tuesday in city council chambers.

It's a battle between the heart, the mind and the pocketbook with Calgary's proposed events centre deal.

The City of Calgary, the Calgary Flames and the Calgary Stampede, which owns the land, have agreed in principle to terms on an event centre that would be the new home of the city's NHL team.

A special meeting of council is scheduled for Monday, as councillors are expected to discuss and vote on terms to enter negotiations with the Calgary Sport and Entertainment Corporation.

City council's event centre committee spent Wednesday afternoon going over a term sheet for a $600 million facility negotiation.

"It would be so important and so valuable if we could replace the stadium," Ken King said.

Calgary businessman and entrepreneur Brett Wilson is slamming Calgary Mayor Naheed Nenshi and city councillors for not working faster to build a new arena.

A new survey shows most Calgarians believe the Saddledome is only meeting "some" of Calgary's needs.