The Glendale City Council voted Tuesday to approve an arena management contract with AEG to run the city-owned arena at the Westgate Entertainment District.
The 50-page contract entitled 'Gila River arena management agreement between the city of Glendale and AEG Management Glendale, LLC' is dated for April 26 and posted to Glendale's website.
Under it, the city would pay AEG $5.6 million a year; one payment of $2.8 million, then two more payments of $1.4 million each. The contract is for an initial period of five years with the possibility to renew for five additional years.
The Arizona Coyotes have been managing the arena, but did not bid on the request for proposal after council reneged on their contract. The team has made it known they are exploring other arena options, though the city would like them to stay.
“It would be our hope that they (Coyotes) come to an agreement with the new Arena manager to remain and play in the Arena,” Glendale spokesperson Jeanine L’Ecuyer told ABC15 in December.
The Coyotes' current lease will expire after the 2016-2017 season.
To read the proposed contract, click here.