Jun 26, 2013, 9:03 AM EDT
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.
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