I don't doubt it makes political sense to do it, yet somehow it hasn't happened after about a decade. I'm not sure in the end if there will be much credit for something that was dragged out for years and years mainly because of the province, which contributed to the escalating costs and scaling back, even if it actually does get done in time for the next election. But I also wouldn't underestimate the UCP's ability to continue to mess things up. After all this, the City of Calgary would be smart to wash their hands of it and say to the province just do what you want here which would at least save them and their municipal taxpayers further grief.
Some other provinces don't have municipal funding involved, just Federal and Provincial so it is not unheard of and perhaps there are good arguments for that approach, but it doesn't always work smoothly either.
We should keep that Deerfoot agreement in mind for future reference. Highway 2 which is a major Alberta route does also go through Edmonton, would be nice if the province helped cover some of the costs.