Glendale releases more details on Coyotes' salePosted: Updated:
The proposed sale of the Phoenix Coyotes to former Sharks CEO Greg Jamison advances to the next stage during a public meeting Thursday at Glendale City Hall.
That's when staff will present to the Glendale City Council a draft arena use agreement for the city-owned Jobing.com Arena.
Among other things, the draft agreements calls for Jamison to "use commercially reasonable efforts to have the name of the team changed to the 'Arizona Coyotes' as soon as is commercially feasible."
Here's a summary of other main points from the agreement:
- The NHL team stays in Glendale for 20 years, the same amount of time remaining on the original bonds for the arena.
- The NHL team continues to pay rent for use of the city-owned arena, approximately $13 million over the term of the lease.
- The city will continue to receive a ticket surcharge on every ticket sold for events at the arena, estimated to be approximately $60 million over the life of the lease.
- The city receives 15 percent of the naming rights revenue for the arena, estimated between $4 million and $10 million over the life of the agreement.
- The city does not issue any new debt.
- The city is not responsible for parking operations.
- The city estimates sales tax from events at the arena to be approximately $30 million over the term of the agreement.
- The city pays an average arena management fee of $15 million per year.
- The arena manager keeps an anchor tenant at the arena.
The public meeting will be in the Council Chambers, and free parking is available in the City Hall parking garage. The start time for the meeting has not yet been posted.
You can read the entire draft agreement here.
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