Jun 26, 2013, 9:03 AM EST
The Glendale City Council was expected to vote last night on a measure that would have used City Hall as collateral to help pay down debts related to the money they agreed to pay the NHL.
Here’s more from the Arizona Republic:
The city agreed to pay the NHL, which currently owns the team, $25 million a year for two years to manage the arena. The city raised most of the money by giving itself loans from various city funds. The City Hall lease deal would allow the city to pay back the funds.
However, NHL executives have offered to accept the last $25 million fee in installments over five years if the city approves the Renaissance package, Sherwood said.
Meanwhile, the City Council will continue its talks with prospective Coyotes owners Renaissance Sports and Entertainment.
Renaissance is hoping to receive $15 million a year to manage Jobing.com Arena. The City had only budgeted for $6 million, but Renaissance might provide the city with a portion of the possible profits, including parking revenue, to help make the deal work.
The obvious x-factor is that the size of those potential reimbursements would be dependent on how successful Renaissance is in drawing fans to the Coyotes’ games and other events.
“We’re still going back to them,” Councilman Gary Sherwood said. “We’re still not satisfied with what we have, so the whole mix can change.
“If they offer something else up, maybe they take something else off the table, so it’s not even fair to say what we’ve agreed to. We’re still not satisfied that we have enough of our risk covered.”
The Council will hold a private session on Friday about the matter.
- Video: Zidlicky’s first goal with Detroit gives Red Wings OT win over Rangers 30
- Video: P.K. Subban illustrates hockey instincts through GoPro camera perspective 3
- Video: Lundqvist could be back in 10 to 14 days 7
- Isles’ Martin suspended one game for ‘reckless’ knee on Daley 12
- More bad luck for the B’s — Connolly out 6 weeks with fractured finger 24
- Fehr willing to give Panthers ‘a reasonable opportunity’ to redevelop market 51
- Video: Isles’ Martin to face hearing for ‘stupid’ knee-on-knee hit 39
- NHL on NBCSN: Reloaded Red Wings, Rangers set to battle tonight 51
- Bernier bests Panthers as Luongo goes from injured (and in street clothes) to back in net 4
- Phaneuf, Cuthbert and Lupul threaten lawsuit after tweet goes to air 59
- Wild beat Avs, dying seconds fight set stage for rematch (171)
- Petrovic: Chicago will ‘probably seek revenge’ for Kane injury tonight (82)
- Winners and losers of the 2015 trade deadline (78)
- Trade: Blackhawks acquire Vermette from Arizona for Dahlbeck, first rounder (74)
- Wings get Zidlicky from Devils (74)