: News Article:
New Arena deal agreed to by city and Katz group:mod warning #616
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04-11-2013, 03:51 PM
Join Date: Mar 2002
Did anyone else catch that little tidbit about the location agreement:
Coun. Linda Sloan asks why there is no term identified in the master agreement.
Farbrother says the term would be the length of the lease, which is 35 years. He says if they missed that for some reason, both parties would be happy to add that.
Farbrother says the master agreement doesn’t expire until all of the clauses expire and there is no date for that because some of the clauses include possibilities for extensions.
Sloan asks if the city did review the owner’s financials. Asked admin is satisfied that there is collateral.
Rosen said they looked at Katz’ books but only as it applies to the arena.
Great, so it's not written in there, and since Katz negotiates like Genghis Khan, I'm sure he's going to extract a concession to get it put in writing. Farbrother is comfortable it won't be a problem. That's thin gruel, my friends.
Or else we just "trust Katz", eh? That sounds like a great idea, given the man's track record in this negotiation.
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