The City of Edmonton has decided to try and host the Commonwealth Games, more than four decades after the city last hosted the sporting event.

City officials said a Letter of Intent, signed by the Province of Alberta and Commonwealth Games Canada – had been submitted to the Commonwealth Games Federation March 31.

The bid is for the 2022 Commonwealth Games – if the bid is successful, it would be held 44 years after the city hosted the event the first time.

“Our city’s successful history as a great event host city started with the 1978 Commonwealth Games,” Mayor Don Iveson said in a press release. “Hosting the games in 2022 will demonstrate to the world how much Edmonton has evolved and reflect the Commonwealth Games Federation’s confidence in our city.”

One other city is in the running to host the event, Durban, South Africa.

“The city should feel confident, but not complacent,” City Manager Simon Farbrother said Monday.

Farbrother told CTV News the cost for the bid is estimated to be between $5 million and $7 million – with the cost to host the games, if the bid is successful, estimated to be up to $1 billion.

The costs for the event would be split between the provincial and municipal governments, with 80 percent covered by the province, and 20 percent paid for by the city – a federal government official said no money would be coming from Ottawa.

“It’s only eight years,” Farbrother said. “But it provides the opportunity to build that cash flow up in advance of an event.

“It’s not like we’re looking for $800 million next week, we’re not.”

Farbrother said such an event would lead to upgrading current sports facilities such as possible upgrades to the Kinsmen Aquatic Centre.

“The bicycle track needs a complete rebuild, the firing range is 30 to 40 years old,” Farbrother said.

The city’s next steps for the bid will mean continued talks with the provincial government and other stakeholders.

The Commonwealth Games Federation is expected to announce candidates for the 2022 games in the near future, the city said completed bids are due by March 2015 – the winning bid will be announced September 2015.

With files from Veronica Jubinville