According to Bruce Garrioch of the Ottawa Sun, an agreement in principle has been reached as a next step to redevelop the downtown LeBreton Flats as a future home of the Senators.

The reported agreement between the National Capital Commission and the Rendezvous LeBreton Group is expected to be announced on Thursday.

If the agreement is signed, Senators owner Eugene Melnyk and developers will have 6-to-12 months to gather financing for the $3 billion project.

Garrioch reports that negotiations between the two sides have been ongoing since the RendezVous group was given preferred bidding status by the NCC in April, 2016.