My take: The combined building seems like a fantastic piece of infrastructure and it would be a great replacement facility for both the Stamps and for the Flames to use and a much better fan experience attending events there.
OTOH, the amount of public money and debt KK seems to be asking for shocked even me and I was fully expecting a big ask. Without going into too great of detail, I'm not convinced that a CRL is and appropriate funding mechanism for this project in this area of the city as once it's cleaned up, there is no reason not to believe that development would not flourish. Perhaps a CRL would be appropriate to clean up the contamination but, again, once that happened this stadium/arena structure would not seem to be necessary to spur development of this area. KK seems to be trying to follow the Edmonton funding model but he's failing to acknowledge the differences. When sober minds take a look at the project in the next few weeks/months I believe these significant differences between the cores of both cities will begin to dawn on them. One (Calgary) is flourishing while the other was languishing.
Ticket tax, I'm neutral on. It's user pay which is fine but if the city is responsible for fronting the cost it will add to the city debt which could reduce the cities ability to borrow for other priorities.
Cleanup. Where does this money come from? Province? City? Do we launch a 2nd CRL to do this?
The potential hidden cost: The city will own the building, great. It benefits KK that way because he then doesn't need to purchase the land. Problem being is that depending on how much rent the Flames are going to pay to use that facility, the city could be sacrificing huge $$$ in potential revenue if they had just gone ahead with an East Village style development on the site.
This is just off the top of my head and I'm sure others will have a better grasp on the nitty gritty of the funding. Fundamentally, as nice as this building is, the primary beneficiary will be ownership of the Flames/Stamps and given the choice, I'd rather see the money invested in things like transit.