the parking study shows that when they charge for parking (its free now) they estimate to BREAK even with 6% interest on bonds. There are other studies that show they lose money.
change the interest rate to 9%, what it is now, and it violates the gift clause. pure and simple. its a real mess for the city council. I've been reading the Glendale Republic online and it seems that the site is over run with Canadians and furious Glendale residents, and a token few Coyote fans who don't seem to care how much money the city has to pay to keep them around. They're arguing for overall impact on the city, while the others are arguing against the huge loans.
|