Ownership Saga:Glendale City Council passes Phoenix Coyotes arena deal (Read post #1)
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06-28-2013, 01:26 PM
Join Date: May 2007
I don't know whether the average Glendale Joe favors this deal or not. One thing I would like to ask the CoG council relates to their comments about risk. I would like them to articulate how they do not continue to have risk on the arena if they don't do this deal with RSE. Saying the risk is limited to $6.5M is not really true. They rely upon revenue to service the bonds, and attendance to funnel other sales tax revenue to Westgate. If they are left with an unproductive asset in the form of an arena that limps forward with 20 - 30 events a year, with an average of less than 10,000 people, what does that cost the CoG going forward?
I know Pollack did a study a couple years ago. He concluded that the City was worse off by a couple mill if the Coyotes left. Wonder if the CoG has a response to my risk question....
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