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troutman · 03-31-2011, 01:51 PM

Glendale should learn from New York's mistake
http://www.goldwaterinstitute.org/article/5890

Prospects for Glendale taxpayers could be far worse. In addition to floating bonds backed by parking revenues--and sales tax if parking fees fall short--the city would pay the Coyotes $97 million over five years for the team to operate the city-owned hockey arena. This is all on top of the $180 million bond debt the city is still paying from building the arena in 2003. The Coyotes, whose attendance rates are among the worst in the league, could leave Glendale taxpayers in debt to the tune of $340 million, according to the Arizona Republic.

The deal has not yet closed, and the city still has time to restructure it so taxpayers don’t end up footing the bill. New York’s investment has proven unwise. Glendale officials should not repeat history.

Carrie Ann Sitren is an attorney for the Scharf-Norton Center for Constitutional Litigation at the Goldwater Institute.

03-31-2011, 01:51 PM	#788
troutman Unfrozen Caveman Lawyer Join Date: Oct 2002 Location: Crowsnest Pass Exp:	Glendale should learn from New York's mistake http://www.goldwaterinstitute.org/article/5890 Prospects for Glendale taxpayers could be far worse. In addition to floating bonds backed by parking revenues--and sales tax if parking fees fall short--the city would pay the Coyotes $97 million over five years for the team to operate the city-owned hockey arena. This is all on top of the $180 million bond debt the city is still paying from building the arena in 2003. The Coyotes, whose attendance rates are among the worst in the league, could leave Glendale taxpayers in debt to the tune of $340 million, according to the Arizona Republic. The deal has not yet closed, and the city still has time to restructure it so taxpayers don’t end up footing the bill. New York’s investment has proven unwise. Glendale officials should not repeat history. Carrie Ann Sitren is an attorney for the Scharf-Norton Center for Constitutional Litigation at the Goldwater Institute.