The potential departure of the Phoenix Coyotes could leave local taxpayers on the hook for paying off $180 million on the books for the construction of Jobing.com Arena, but city officials aren’t ready to declare the construction of the facility a bad idea.
The potential departure of the Phoenix Coyotes could leave local taxpayers on the hook for paying off $180 million on the books for the construction of Jobing.com Arena, but city officials aren’t ready to declare the construction of the facility a bad idea.
A bankruptcy filing by the team could allow the NHL franchise to be moved to Canada without the multimillion relocation penalty included in the lease. Even with the team staying, making ends meet on the arena budget was a challenge, and there’s no doubr Glendale is struggling: the city slashed a quarter of its budget in the last year, and the loss of the Coyotes means the team’s annual payment of $2.4 million will be gone.
Still, city officials say the arena is a success: the investment in sports facilities, they say, is attracting other investment to the West Valley, which means a broader tax base.
RELATED STORIES: NHL shifts attention back to Copps Coliseum; Coyotes seek shelter in bankruptcy court; NHL to oppose; Who’s in control of Coyotes? Glendale says NHL; team denies; Coyotes still millions in arrears on arena payments; Could Phoenix Coyotes end up in Toronto?; Financial woes continue for Coyotes; Coyotes now current on arena lease payments
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