Glendale to spend 100 million tax dollars on Coyote hockey (Phoenix: crime, hotel)

[Bruce81]

I still think if the stadium had been built closer to where the majority of the valley resides in, the situation would be different. I have been to Westgate when there is no game and that place is a ghost town, very creepy. Just seems like a failed experiment, with that who knows if the Coyotes leaving would just add insult to injury. Those buinesses would not stand a chance without the coyotes IMO.

[Ritchie_az]

Originally Posted by Bruce81

I still think if the stadium had been built closer to where the majority of the valley resides in, the situation would be different. I have been to Westgate when there is no game and that place is a ghost town, very creepy. Just seems like a failed experiment, with that who knows if the Coyotes leaving would just add insult to injury. Those buinesses would not stand a chance without the coyotes IMO.

Glendale has over 250,000 people. The west side of Phoenix has got to be in the 500,000-750,000 range. Peoria has over 160,000. Avondale, Goodyear, Surprise, the Sun Cities, Buckeye, El Mirage, Youngstown, Laveen, etc.... that's somewhere in the 2 million range.

There are plenty of people on the west side. Maybe it's not "where the majority of the valley resides in" but it's not far behind whatsoever, either.

Westgate is pretty busy on Friday nights and Saturdays. It's PACKED anytime there is a game or concert. Not sure what about that is a "failed experiment". I'm not aware of any businesses there that have failed.

I doubt if the Coyotes left that it would have a major impact on any of the Westgate businesses. A small impact? Yes. But I highly doubt that Coyote fans are the ones keeping any single business afloat.

[WizardOfAz]

Originally Posted by Ritchie_az

I doubt if the Coyotes left that it would have a major impact on any of the Westgate businesses. A small impact? Yes. But I highly doubt that Coyote fans are the ones keeping any single business afloat.

Speaking of leaving, what would the impact of the arena's primary tenant leaving have on the CoG Bond Rating? Shouldn't be so hard to get an answer for us as one of the major bond rating agency has weighed in on the topic.

Also, while you're at it, cite a source (than a blogger in Canada who has been wrong every time he writes about this topic) that supports the 100 million figure you threw out!

[Husizer]

Originally Posted by WizardOfAz

Also, while you're at it, cite a source (than a blogger in Canada who has been wrong every time he writes about this topic) that supports the 100 million figure you threw out!

How about the City of Glendale?

http://www.glendaleaz.com/documents/...date121010.pdf
http://www.glendaleaz.com/Clerk/agen...das/121410.pdf

The city will pay the new owner of the Coyotes $100 million for the right to charge parking fees. They will issue $125 million of bonds to pay the new owner. They are declaring an emergency to rush the debt to market. (Note that the team's payroll is about $50 million per year, so this will only cover two years of player salaries).

The city will assume the costs of managing the building, at an approximate cost of $17 million per year. The lease runs 30 years, so that's about $510 million over the life of the lease.

The new owner of the Coyotes will have an option to purchase the building after five years.

Yay.

[asufan]

Originally Posted by Bruce81

I still think if the stadium had been built closer to where the majority of the valley resides in, the situation would be different. I have been to Westgate when there is no game and that place is a ghost town, very creepy. Just seems like a failed experiment, with that who knows if the Coyotes leaving would just add insult to injury. Those buinesses would not stand a chance without the coyotes IMO.

Agreed. And remember the Cardinals, Coyotes and the Fiesta Bowl all wanted to be located in the East Valley or downtown. The Cardinals headquarters remained in Tempe, which I'm sure disappointed Glendale as all these millionaire players and coaches are buying houses and spending their money in Chandler and Ahwatukee, for the most part. They actually had footings poured for the Cards stadium in Tempe until a bitter phx councilwoman raised a stink about sky harbor, causing them to scramble for a new location. Then the west valley developer stepped in with the donated land to spur more development out there. It works OK for the cards, since they play on weekends, but the people with the money in the East Valley wont drive that far on weeknights.

[WizardOfAz]

Originally Posted by Husizer

How about the City of Glendale?

Thanks for a rather remedial Interpretation of such a large document.

Since you have his back on that one, care to take a stab at my question on the CoG bond rating?

[Husizer]

Originally Posted by WizardOfAz

Thanks for a rather remedial Interpretation of such a large document.

Since you have his back on that one, care to take a stab at my question on the CoG bond rating?

Dunno. But if their rating was going to be shot by the team moving and them getting stuck with covering the cost the of the building, it's going to even worse now. At least in that scenario they weren't cutting a check for $100 million as well.

[WizardOfAz]

Originally Posted by Husizer

Dunno.

You've got that right!

Actually, I am surprised that, given all the other "facts" you shared, you couldn't come up with a better answer.

[mr ricky]

Originally Posted by WizardOfAz

You've got that right!

Actually, I am surprised that, given all the other "facts" you shared, you couldn't come up with a better answer.

Yeah, it's not like you got your "facts" from the lease..... oh wait a second...

[WizardOfAz]

Originally Posted by mr ricky

Yeah, it's not like you got your "facts" from the lease..... oh wait a second...

I haven't posted any facts that I am aware of, I simply asked a question that you are unable or unwilling to answer.