Jun 25, 2013, 6:08 PM EDT
Tonight in Glendale, city councilors will present to the public and vote on a plan to use City Hall as collateral to help pay down the various “interfund” loans the city took out to pay the NHL to manage Jobing.com Arena, the home of the Coyotes.
Got all that?
From the Arizona Republic:
The debt the city seeks to repay goes back to two $25 million commitments the city made to the National Hockey League to operate the arena in fiscal 2011 and 2012, said Diane Goke, the city’s chief financial officer.
Glendale borrowed $45 million largely from its own enterprise funds, which are self-sustaining funds for such services as water and sewer and are separate from the city’s general fund.
If the council approves the plan, city officials will seek outside investors to lease back the City Hall complex for 20 years by making a one-time, up-front payment of $30 million.
We won’t get into all the details here, because, you know, pretty boring. If you’re desperate for more information, here’s a PDF.
Bottom line: Glendale is in quite the financial predicament, and the cash-strapped city still has a huge decision to make on whether to enter into a long-term arena-management deal with prospective Coyotes owners Renaissance Sports and Entertainment.
Of note, the NHL may reportedly make it easier on the city if the sale does go through.
- The Ducks got Kesler for a game like Saturday’s 1
- Your Lightning-Rangers Game 7 officials are… 1
- Duchene slams Russian players for storming off after Canada’s 2015 WHC win 28
- DeBoer predicts ‘big bounce-back’ in San Jose 12
- Sabres name Bylsma head coach 45
- Lundqvist on Game 7: ‘You’re definitely nervous, but it comes down to teamwork’ 16
- Report: Bylsma to Sabres being held up by compensation issue 56
- Stanley Cup Final to begin June 3 8
- Caps’ Backstrom undergoes arthroscopic hip surgery 6
- Report: Sens’ Murray to retire after next season 1
- Kesler on wearing down Chicago: ‘No human can withstand that many hits’ (75)
- From healthy scratch to hero: Vermette scores OT winner for Blackhawks (66)
- Report: Bylsma to Sabres being held up by compensation issue (56)
- On Kreider, and trying ‘to turn the other cheek’ (54)
- Fetisov wants to restrict young Russians from playing in the NHL (53)