Sep 19, 2012, 9:42 PM EDT
Glendale’s interim City Manager Horatio Skeete has prepared three scenarios involving the Phoenix Coyotes, based on a report by the Arizona Republic.
All three scenarios suggest the city is in dire financial straits.
The projected best case scenario, from a budget perspective, is that a sales-tax hike goes forward and Glendale restructures its arena payment plan.
Under the current proposal, Glendale would pay prospective Greg Jamison buyer $94 million over the initial five years of a $300 million, 20-year plan, but Skeete wants that reduced to $72 million.
The next scenario is that the voters reject the sales-tax hike, but the city still gets its restructured arena payment plan, and the third is that the Phoenix Coyotes leave. What’s obviously missing is a scenario where the city goes with the original $300 million plan and the Coyotes stay in Glendale.
It’s also worth noting that all three of these scenarios are projected to result in the city taking a financial hit annually over the next five years. Even if the sales-tax stays in place and the arena payment plan is restructured, Glendale would need to reduce expenses by $3 million this year and $6 million each of the following four years.
Jamison needs to secure a lease before he can buy the team. At this point, the Globe and Mail suggests that the odds of Jamison completing his purchase are “bleak.”
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