The Katz Group will have to agree to 17 conditions passed in a motion by council late Wednesday evening if members of the organization want the Oilers to play on a new rink by 2014.

"There is a lot of information in that motion and we are going to have to go back and review it and we're going to have to review the implications and we have to meet with admin then we'll consider our next steps," said company spokesperson Steve Hogle.

Councillors argue the conditions they've listed go a long way to protect the taxpayer, but many say there's still a long way to go in negotiations.

"The thing that gives me assurance about this deal is it's locked up for $450 [million] and the public is protected," said Coun. Kerry Diotte.

"There's no way I'm going to be voting for anything if there's going to be any risk in the end – it's got to be locked in hard… We've got a very long list of conditions here – this is not a done deal yet."

Other conditions outlined in the motion that passed 10-3 include an assurance the city would own the arena, a commitment to explore revenue-sharing options and a mandate that the Oilers' owner operate out of the arena for 30 years, paying the operating costs during that time.

The agreement also scaled back the contentious Community Revitalization Levy - a financial mechanism that would see taxes raised by new development in a designated area repay the public's investment over a 20-year period.

Now, only $20 million would be recovered through that means, with an additional $105 million coming from a subsidy that would otherwise go to Northlands as well as direct tax revenue from the arena.

"It will give us some assurances and it will reduce, or mitigate the risk for the public," said Coun. Tony Caterina who, along with Coun. Iveson and Sloan, voted against the initiative.

"We are at a point where I guess this is approval-in-principle, that if all these conditions are met, we'll be prepared to look at it when it comes back to Council," he said.

Sports economist Dan Mason suggests the Katz Group will voice its opinion soon, since the company is eager to start construction.

"Obviously the Katz Group has set some parameters on when they would like to be out of a facility and into a new facility, so certainly that will dictate the speed at which they proceed," argued the U of A professor.

And despite a major funding announcement made by the province Thursday to build a new museum, the Mayor is still set on approaching the Stelmach government to help cover part of the project's $100 million shortfall.

"It never makes it difficult to ask for money, you have to ask if you are going to get it," said Stephen Mandel.

"We won't fund direct funding to the arena," said Infrastructure Minister Ray Danyluk. "Is there a way that maybe we can do something? I don't know."

With Files from Sonia Sunger