Edmonton’s Juno Awards bid committee has secured $550,000 from the city.

The group is one step closer to bringing Canada’s most talented musicians to Rogers Place in 2022—18 years after the awards were held at Rexall Place.

"This is sort of like an approval in principle," Ward 6 Councillor Scott McKeen said.

The city estimates it will cost around $2.5 million to host the awards, but the event would bring a $4.2-million economic impact, a report presented to council on Wednesday said.

The bid committee will now try to receive funding from the provincial government.

“We’re really hoping that Premier Kenney and the UCP are going to see the economic benefits for music as a driving force and culture as a driving force for the economy in Alberta,” said Chris Wynters, a member of local band Captain Tractor and the bid committee. “I’m feeling optimistic that they'll come through.”

The 2020 Juno Awards will be hosted in Saskatoon.

With files from CTV Edmonton's Jeremy Thompson