Quote:
Originally Posted by Bouw N Arrow
The money is coming out of the tax payers pockets?? Well so will the costs of not having the team there paying the Arena management costs... which are $25 million a year!
HELLLOOOOOOOOOOOOOOOOO!
If the team leaves it's FAR worse for the tax payers. There's nothing more funny to me then to see Canadians caring about the poor little tax payers of Glendale arizona.. When they clearly don't understand the consequences of the team leaving.
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This is a really good read lots of interesting info from when the arena was first bult.
http://hockey.ballparks.com/NHL/Phoe...s/articles.htm
I especially like this little tid bit.
Q. 8 How is the project going to be paid for?
The city proposes to issue a combined $180 million of general obligation and municipal property corporation bonds. Our assumptions at this point are that this $180 million loan would cost the city about $414 million over a 30-year period if we conservatively assume the $180 million is amortized over a 30-year period at a 6.5% interest rate. Annual debt payments beginning in Fiscal Year 2003-04 will be paid from sales taxes generated by the surrounding retail project, estimated at $224 million over 30 years.
Parking and shared arena revenues will generate approximately $90 million in additional funding for debt payment over 30 years. The remaining $100 million over a 30-year period would be for general obligation (GO) debt payments to cover the cost of public improvements such as infrastructure and street improvements and park and open space elements included in the development project. This GO debt will be made from existing property tax collections, with no increase in the overall property tax rate.
If development of any portion of the accompanying retail/commercial project is delayed beyond 18 months of the schedule assumed in the Development Agreement, and as a result, a shortfall in tax revenues required to pay the debt service results, the developer will have to pay a portion of the shortfall.
In addition, the city will be seeking funding from the Tourism and Sports Authority (TSA), the entity which is using Proposition 302 monies to fund the football stadium, spring training facilities and youth sports facilities, to try to gain their participation in our funding of the arena. Glendale will also be seeking further assistance from the legislature in recognition of having saved hockey for Arizona. While the city is totally capable of funding this arena without the help of the TSA and the legislature, it will make the debt service easier if these two state groups can support Glendale’s efforts.
Just a q uick question. If they're already using the parking revenue around the arena to help pay off the arena how in the h*ll are they buying these rights from Hulszier to help pay for the bonds??
Sorry Bouw n Arrow but I don't think the Coyotes leaving are going to cost Glendale millions its the morons running the city.