Basically, the city will support it in infrastructure and anything else needed but will not actually pay for it, at least not unless they get a cut of the revenue. The problem is the Calgary Next people (ie the sport franchises) aren't willing to pay for most of it either, nor are they willing to give up the profits. So until they and the city can agree where the bulk of the money is coming from, it's not going anywhere. There's been no sign of compromise. Which isn't surprising.

I hate to break it to you, but this is probably going to go on for at least a decade before someone finally caves. These battles can get nasty, especially if the city sticks to its guns. Most cities cave in the end, even though there is tons of evidence about the lack of economic benefits. Unfortunately, the threats that the sports leagues wield are real ones, and they have proven in the past that they are willing to follow through. Unless we as a population are willing to stand firm and say "No, we will not pay for it" even if it means there is a real risk of losing the Flames and other major sports and concerts. They are prepared to take their ball and go home, and that's their right.