Quote:
Originally Posted by Jordan!
Stolen from HF
Basic cliff’s notes…..
-Project size estimate: $1.7 billion.
- Arena size is approximately 16,000 details being finalized. But plan is to make lower bowl larger than GRA.
-Tentative open date is 2025.
- Meruelo is the master contractor, but is lining up other partners.
- Land remediation comes first. Approximately 1.5 million cu. ft. of soil has to be removed. Coyotes would put $8 million in with remainder paid through bonds.
- Bonds would also help pay for infrastructure, title clearance and build a parking garage that would be owned/operated by the city.
- Proposed special taxing district which could issue bonds to raise up to $200 million total, in phases as needed. Tempe has used the mechanism before
- Bonds to be repaid over 30 years from three sources. (~2/3 portion of city sales tax generated, 6% surcharge on retail sales at the arena, real estate tax assessment).
- Coyotes to build sub-station on site for Tempe police to use at no cost to city.
-Two phase plan. Phase 1 includes arene, 1500 seat theatre for small shows, commercial district, 200 room boutique hotel, medical offices, up to 12 story apartment tower with 180 units.
-Phase 2 includes three more apartment towers up to 1500 units total. Convention style hotel w/300 rooms, retail center and offices.
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Complex bond schemes are how arena deals kill ya. PPG Paints Arena in Pittsburgh, built between 2008-10, was just recently paid off over the past few years because certain assumptions built into the financing of their municipal/state bonds didn't pan out.