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12-05-2012, 01:15 PM
  #462
cbcwpg
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Quote:
Originally Posted by CGG View Post
Sonu Munshi article on Moody's downgrade of Glendale here:

http://www.azcentral.com/community/g...g-lowered.html

Choice craziness from the article:
Glendale still owes $152 million of the $180 million it borrowed to open Jobing.com Arena in 2003. An additional $200 million is owed on Camelback Ranch Glendale, the city’s spring-training ballpark, as payments so far have only covered interest. Glendale staff has predicted the city could save about $28 million by refinancing a portion of its $1.1 billion debt load, easing the way out of a financial landmine. .

So far the CoG has only paid down $28M on the arena, only interest for Camelback ranch, and have a $1.1B debt load..... Sure sounds like a good idea to give Jamison $308M.

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