CALGARY -- The Calgary Flames say they were willing to contribute $275 million of their own money to a new arena before they ended negotiations with the city.

Calgary Sport and Entertainment Corporation's proposal released early Thursday morning included raising $225 million via a Community Revitalization Levy, which is tax collected from new development that springs up around the new arena.

CSEC repeated their position that have halted negotiations with city.

"After two years of discussions, the Flames see absolutely no basis upon which a new agreement can be achieved with the city and have concluded that there is no point to continue the pursuit of a new arena in Calgary," the Flames said in a statement.

The release of CSEC's financial numbers was a rebuttal to the city's offer revealed last week.

The city proposed a three-way split on the cost of a $555-million arena, with the city and the Flames each paying $185 million and the remaining third raised from a surcharge on tickets sold to events in the new building.

Flames president Ken King contended the city's plan amounted to the team paying the entire cost, or more, because the team considers a ticket surcharge paid by users revenue that belongs to the Flames and because they'd pay property tax back to the city.

Calgary Mayor Naheed Nenshi is running for a third term in the Oct. 16 civic election. He has said his vision for a revitalized Victoria Park just north of the 34-year-old Scotiabank Saddledome includes an arena.