I believe one of the greatest things a person can do is teach a child to read...
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Originally Posted by Bouw N Arrow
So Hulsizer will cover the bonds entirely. Game. set. match.
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... derp. Well, better late than never.
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Originally Posted by Winnipeg Free Press
Hulsizer was a first-intermission guest on the Coyotes TV network Sunday night and said he sent a letter on Friday to the Goldwater Institute, the taxpayer-watchdog group that has opposed his deal with the City of Glendale from the outset, informing them he’s going to guarantee $75 million of the bond proceeds that the city is fronting him.
If the city of Glendale can sell the $116-million bond issue it’s trying to float, Hulsizer is slated to receive $100 million of it in return for the rights to parking revenue around Jobing.com Arena. He in turn can buy the money-losing Coyotes from the NHL for about $170 million.
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Hulsizer mentioned the $75-million figure Sunday night in appearing to suggest he’s going to be responsible for the team’s losses this season. Once he receives the $100 million from bond sales, he said the city will be receiving $25 million back, which likely refers to the funds it was required to put in escrow for the NHL last spring in order to guarantee the team’s losses for this season.
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Read the bolded bits.
Total bond: $116 million
Amount to be given to Matthew Hulsizer: $100 million
Amount guaranteed by Matthew Hulsizer: $75 million
Amount to be returned to the city (to cover a separate expense in the form of monies put into escrow to cover losses, separate from the bond issue): $25 million
In order for Hulsizer to cover the bonds entirely, he would need to guarantee $116 million dollars. Notice that $75 million is short of that by $41 million. Glendale will get $25 million returned to it, except that's covering off a completely different expense meaning there's still that $25 million uncovered - move the numbers around all you want, it doesn't change that.
If you think this is game, set and match then you don't understand what the Goldwater Institute is about. There are still public monies being given to a private enterprise as a gift that is in violation of Arizona law. And they will continue to fight this on that premise.