Calgary won't be hosting the 2017 World's Fair.
The city announced Monday that it is pulling out of its bid for the international event.
That leaves the way clear for the city of Edmonton to pursue its bid, which has already been given some financial support from the province.
Officials say the return on investment for a successful Calgary bid would have been about half a billion dollars.
But according to their calculations, Calgary would have been left with a one billion dollar deficit with no guarantees of funding from any level of government.
Council will now focus its efforts on redevelopment plans of the proposed Expo site in the west end of downtown.
The area will be known as the West Village.
Over 110 acres bordered by 11 Street to the east, Crowchild Trail to the west, the Bow River to the north, and the CPR tracks to the south.
Most of land is already owned by the city but officials some land purchases will be made to consolidate holdings in the area.
