More details of Glendale's plan to subsidize Greg Jamison's purchase of the Phoenix Coyotes have emerged, and the Arizona Republic — which, unlike some other alleged newspapers we could name, still sees its job as trying to ascertain the truth behind political machinations — has analyzed all the rent payments and operating subsidies flying back and forth, and concluded that the city would be handing over $325 million over the next 20 years, and getting back less than half that in team fees and taxes:
A Republic analysis revealed that even if the Coyotes went to the Stanley Cup Finals for the next 20 seasons and the arena booked 30 sold-out concerts each year for the next 20 years, Glendale could still expect to lose about $9 million annually.
That figure does not include the city's annual arena debt payments, which will average about $12.6 million a year over the next 20 years.
This is all pretty much in line with previous estimates, but at least provides confirmation that Glendale won't somehow be earning all its subsidies back through hot dog sales taxes.
Now, the Republic isn't exactly going out on a political limb by saying this — Glendale Mayor Elaine Scruggs has said that the deal is too costly for her city, and she can't support it. This is the city council's call, though — it plans on holding a "public workshop" on the deal on Thursday, with a vote likely next week — and in any case, Scruggs is retiring at the end of the year. So it's unclear whether her opposition does much more than give local journalists someone in power to quote saying this is an awful deal. That's always a useful thing to have, in case the actual financial numbers get you accused of being "obstructionist."
from Field of Schemes http://www.fieldofschemes.com/news/archives/2012/06/4973_deal_to_keep_co.html
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