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Glendale may shell out $325M in arena deal

Glendale may shell out $325M in arena deal

CREATED Jun 5, 2012

Web Producer: Ina Ronquillo

GLENDALE, Ariz. (AP) - A proposed 20-year agreement for a new operator of Jobing.com Arena could come at great cost to Glendale residents.
   
The Arizona Republic reports Glendale appears poised to pay a group led by former San Jose Sharks CEO Greg Jamison nearly $325 million to operate and make improvements to the venue.
   
The city released a draft Monday showing Glendale anticipates collecting less than half of that amount through sales taxes, ticket surcharges and other fees.
   
The City Council is likely to vote on the deal within the next week.
   
Glendale has been trying to find a new owner for the Coyotes as it deals with a $35 million budget shortfall.
   
The city and the National Hockey League are hoping Jamison will eventually take over the team.
   
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Information from: The Arizona Republic, http://www.azcentral.com

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)