: News Article:
New Arena deal agreed to by city and Katz group:mod warning #616
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05-11-2013, 10:29 AM
Join Date: Apr 2005
Originally Posted by
Maybe the city should pay for the whole thing if they want that type of leverage.
As the poster suggests they are. Katz has no skin in the arena game, none. He merely pays back his portion on a loan, obtained through the city, who also *mitigates* his expenditure by city paying back a handsome 2M/year for 10 yrs for "advertising"
Katz also gets all proceeds for naming rights affiliated with the arena he doesn't own. Katz pays no taxes on the arena/entertainment development because he doesn't own it. Additionally of course Katz gets all of the revenues from all events in the new arena that he doesn't own. Perfect arrangement.
At no point in this deal is the arena actually costing Katz anything. lol that he was recently demanding an extra annual subsidy stipend from the city. He must sniff out all the simon says syncophants on council pretty well.
ps who would be at all surprised if Rosen, Farbrother, and or Mandel had close business ties with Katz in upcoming years.
Theres a chump here, and its the city, and what its left paying for.
Theres no reason beyond ego for the city to make this deal that now requires more money from the city.
This is not, in any way, a fair and equitable deal for the city.
But it is for Katz, no skin on the arena, and all revenue and payback and naming rights. The art of the deal, indeed.
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