From the Edmonton Journal:

The Katz Group must make a “very significant investment” by Oct. 31 to keep the downtown arena project alive, company officials say.

The company has been negotiating with the city since May for a final 17-point agreement to build the $450-million project, but vice-president John Karvellas says they need a firm deal by Halloween.

That’s when their option to buy land for the site expires, and they’ve exhausted their right to extend the closing date, he said in a news release.

As well, they’re already well past the point where the new home for the Oilers would be ready for the 2014 hockey season as they originally wanted, he said.

“Soon we will lose the opportunity to be in a new arena for the 2015 season. And construction costs are rising, as we have feared they would. These and other factors create a real and unavoidable urgency to get something done,” he said.

continued…