How do general obligation bonds work

New Hockey Arena Will be Ready for 2003-04 Season

Glendale Officials Step Up to Keep NHL Coytoes in the Valley of the Sun

City of Glendale officials have paved the way to keep the National Hockey League Coyotes in the Valley by agreeing to build the team a brand new, state-of-the-art arena at the Loop 101 Freeway and Glendale Avenue.

Glendale’s Mayor and City Council and Coyote officials made the announcement today at a 10 a.m. press conference at City Hall. Earlier in the day, the City Council approved a memo of understanding with the Ellman Companies, owner of the team, that will keep the team in Glendale for 30 years.

“This is a huge victory for the city of Glendale, Glendale residents and for hockey fans throughout Arizona,” said Glendale Mayor Elaine M. Scruggs. “The arena and surrounding development will positively impact Glendale and will eventually become the heart of the West Valley.

“This project came down to a business decision that represented an incredible economic development engine for the western area of our city. What especially makes this a win-win situation for us is that Ellman

will also redevelop the site currently occupied by the Manistee Town Center shopping mall at 59 th and Northern avenues into a mixed-use commercial center.”

As part of the agreement, Ellman Companies will develop a mixed-use project of approximately 200 acres near the Loop 101 over a 10-year period consisting of three million square feet of entertainment, retail, office, residential and other commercial uses.

The focal point of the project will be the multi-purpose arena that will serve as home to the Coyotes hockey team. Ellman will acquire the land, design and construct the arena and necessary infrastructure, including parking facilities.

Upon completion of the arena in 2003, the city will reimburse Ellman for all associated construction costs up to $180 million and will become the owner of the arena. Both the Coyotes and Glendale will use the arena for other public uses throughout the year.

The arena will be funded from taxes generated from the site, from General Obligation bonds earmarked for related projects, parking revenues and other dedicated revenue streams. Funding for this project will not affect current city services or delay any planned projects.

Source: hockey.ballparks.com

Category: Bank

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