Glendale officials approve Coyotes arena deal
General view of action between the Detroit Red Wings and the Phoenix Coyotes in Game Four of the Western Conference Quarterfinals during the 2011 NHL Stanley Cup Playoffs at Jobing.com Arena on April 20, 2011 in Glendale, Arizona.
Copyright Getty Images
Posted: 11/27/2012
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By: Associated Press
GLENDALE, AZ - Glendale officials have approved a $320 million deal to keep the Phoenix Coyotes in the city's arena.
The City Council approved a 20-year, $324 million deal for Jobing.com Arena in June, but city leaders sought to renegotiate it. The proposal approved Tuesday night would help Glendale because it would reduce payments in the early years of the 20-year deal and save the city $4 million.
City Council members debated the proposed arena-management agreement with potential Coyotes buyer Greg Jamison and whether the city can afford the agreement.
The deal requires Glendale to cut $17 million from the general fund. That means trimming dozens of positions within city government over the next five years.
The council approved the deal on a 4-2 vote.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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