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The Edmonton Oilers announced on Tuesday that the citys downtown arena project has been given the green light to begin construction in next month and the teams new home will be scheduled to open in the fall of 2016. The City of Edmonton and Katz Group said that the $480 million Guaranteed Maximum Price (GMP) for Rogers Place has been met. "For the Katz Group and the Edmonton Oilers, we have always believed Edmontons need for a new arena was a huge opportunity to help transform our downtown into the vibrant, diverse and dynamic community that is the hallmark of every great city," said Oilers owner Daryl Katz in a statement. "We couldnt be more excited to see that vision becoming a reality and I want to thank Mayor Iveson, City Council, former Mayor Stephen Mandel, and the entire team at the City and everyone else who has laboured over this project for years for their tenacity and faith in this project." In addition to the $480 million for the arena, the cost was also confirmed through the GMP process for the four other components of the project - a community rink, Winter Garden, LRT connection and pedestrian pedway. The total price for the arena project is $606.5 million, which includes a $2 million contribution from MacEwan University towards the community rink to increase capacity and improve functionality. "This is an exciting day for Edmonton as we move ahead with a project that will help realize our vision of a more vibrant downtown and ensures that the Edmonton Oilers remain a vital part of our city for years to come," said Edmonton Mayor Don Iveson. "The look of Rogers Place is bold and forward-looking, just like Edmonton. As part of our downtown vision, it will serve as a symbol of our citys great future." The GMP process means that the construction manager bears all risk for cost increases in labour and materials throughout the project, protecting the City and Katz Group from having to pay more if the costs change. The new arena will seat 18,641 for hockey, with added corporate suites, wider concourses and diverse amenities. The Oilers have played out of Rexall Place since 1974 - when it was called Northlands Coliseum. Walter Payton Jersey . Specifically, thumbs up to the Canadian-based teams in the NHL, or at least most of them. Devin Hester Jersey . On Thursday, they signed former Browns linebacker DQwell Jackson. Terms of the deal were not immediately available. http://www.cheapbearsjerseysauthentic.com/?tag=authentic-tom-waddle-jersey . Compared to what hes gone through in recent weeks, that seemed like a breeze. Speaking to The Associated Press on Friday at an NBA Cares event, Silver said hes thrilled that the leagues attention can be on the championship series between the Miami Heat and San Antonio Spurs -- and not, as it was for so much of the post-season, on the off-the-court matters involving the banishment of Los Angeles Clippers owner Donald Sterling and now the looming sale of that franchise. Jim McMahon Jersey . Detroits powerful offence made that unnecessary. Scherzer allowed two hits and struck out seven, and the Tigers backed their star right-hander with three early homers in an 8-1 victory over the Tampa Bay Rays on Thursday night. Cheap Bears Jerseys .com) - Carmelo Anthony scored 31 points with eight rebounds to lead the New York Knicks to a 92-80 win over the Los Angeles Lakers.The Florida Panthers have re-signed defenceman Dmitry Kulikov to a three-year deal worth a total of $13 million. Kulikovs new deal carries an average annual value of $4.33 million. The 23-year old Russian scored eight goals and added 11 assists in 81 games with the Panthers in 2013-14. "Hes got so much ability," said Panthers GM Dale Tallon. "Its time for him now to make a statement and be a leader on our team. Hes got all the ability in the world.dddddddddddd. Its now just a matter of channeling it in the right direction. Were happy to have him in the fold. Hes a great kid. Hes still a young guy with tremendous ability. Hard to find those guys." Originally selected 14th overall in the 2009 NHL Entry Draft, Kulikov has appeared in 313 career games with the Panthers, scoring 24 goals and 75 assists. Kulikov just completed a two-year deal worth an average annual value of $2.5 million. 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