04/27/2012 02:56 EDT | Updated 06/26/2012 05:12 EDT

Markham, Ontario NHL Arena: City North Of Toronto Approves 20,000-Seat Arena Plans

MARKHAM, Ont. - A Toronto-area town is one step closer to building a sports complex that could accommodate a professional team.

Officials in Markham have approved a partnership plan to finance the proposed GTA Centre arena.

Councillors voted Thursday night to borrow $162 million to pay the town's half of construction costs.

The other half will be funded by GTA Sports and Entertainment, the company behind the project.

The 20,000-seat facility is slated to open (at Highway 407 and Kennedy Road) in 2014.

It will include an NHL-size ice rink, a feature that has sparked rumours about another team moving to the area. (AM640, 680News)

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