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.
- Blues finish night on top of NHL standings after shootout win 10
- Kings’ Nolan gets double-minor for punching Oilers’ Joensuu 35
- Extended overtime likely to be on agenda in GMs’ March meeting 33
- Lundqvist shuts out Red Wings to claim 300th victory 11
- NHL on NBCSN: Hawks know they can’t take Sabres lightly 10
- NHL on NBC: Red Wings, Rangers fight to cling onto playoff spots 2
- Video: Flames score center-ice goal against Canucks’ Lack 19
- Stars believe Lehtonen suffered concussion from Haula collision (update) 23
- Video: Stars retire Mike Modano’s jersey 11
- Rostislav Klesla passes on joining Sabres organization following trade 12
- Canucks trade Luongo to Panthers (93)
- BLOCKBUSTER: Lightning trade St. Louis to Rangers for Callahan (82)
- Kings make splash, acquire Gaborik from Columbus (72)
- Report: Canucks want center, top prospect and first-rounder for Kesler (68)
- Steve Moore remains shocked, disgusted about Todd Bertuzzi attack (67)