Glendale Could Vote On Re-Worked Lease Agreement On October 23
Glendale City Councilwoman Joyce Clark said on a Phoenix radio station that she was hoping for an Oct. 23 vote on a re-worked lease agreement with prospective Phoenix Coyotes buyer Greg Jamison.
The Glendale City Council met last Tuesday for a regularly scheduled workshop. At the workshop, they council was presented with some new provisions of the lease agreement that passed on June 8. The new provisions include a shift in the number of dollars for the arena management fee from the beginning of the 20-year lease to the back-end, and a decrease in total cash payment over the lease from $324 million to $320 million. There are also new incentives and minimums for the number of non-hockey events held at Jobing.com Arena. A lock-out provision has also been added requiring a $60,000 payment back to the city for every game not played.
Glendalewas seeking changes to the lease after being faced with an up to $35 million budget shortfall according to The Arizona Republic. The council has become nervous about future budget issues now that the temporary .07 percent sales tax has been placed on the November ballot. Several council members do not want the lease signed until Jamison officially purchases the Coyotes from the NHL.
Tuesday, Oct 23, is the date of a regularly scheduled city council meeting. Any official action or vote must take place at a regularly scheduled council meeting or at a special meeting with public notice. There are no Coyotes related issues at the upcoming council meeting this Tuesday.
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