Yes. They have to do so because Fortress will not take RSE's imaginary revenue into account when securing the $120m loan. Only the city's credit rating will suffice. That should tell you all you need to know about RSE's pockets and their intentions with this deal. Get the city to be on the hook for as much as possible.
Speculation: Ownership Saga: Coyote's Renaissance (Read Post #1)
- Thread starter Howler Scores
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Yes. They have to do so because Fortress will not take RSE's imaginary revenue into account when securing the $120m loan. Only the city's credit rating will suffice. That should tell you all you need to know about RSE's pockets and their intentions with this deal. Get the city to be on the hook for as much as possible.
I have to believe if the RSE bid gets put on an agenda for vote that the mayor is the 4th vote in support. I say this because remember back when the mayor took office, that he had a phone conversation with GB. After that conversation, GB seemed please with what the mayor said the City may be willing to accept. Speculation on my part, but I think the mayor said something to the effect that he would support a deal "similar" to what GJ was asking for, but the City would accept less than a 20 year lease.
The fact is the lease is now for 15 years. The mayor can say he negotiated a deal that cut off nearly $75M, and that through negotiations, the CoG is effectively guaranteed something in the range of $8 - $9M in revenue for the arena operations. So he will pitch this as a net expense of around $6M, which is in line with their cost estimates, plus the City keeps the Coyotes.
Hey, this is a win/win for everyone (or so it will be sold IF the matter ever goes to a vote).
I have to believe the CoG and the NHL wouldn't be going down this track unless the mayor gave GB some assurances that he would work towards the success of a deal along these lines. From a political standpoint, the mayor comes out looking pretty good, especially to the business community in Glendale.
Pure speculation on my part. We should know better before 5 pm tonight when the agenda for Tuesday's meeting is posted. I would also see them pushing this for a vote on the 28th, and not wait for the 2nd of July.
The fact is the lease is now for 15 years. The mayor can say he negotiated a deal that cut off nearly $75M, and that through negotiations, the CoG is effectively guaranteed something in the range of $8 - $9M in revenue for the arena operations. So he will pitch this as a net expense of around $6M, which is in line with their cost estimates, plus the City keeps the Coyotes.
Hey, this is a win/win for everyone (or so it will be sold IF the matter ever goes to a vote).
I have to believe the CoG and the NHL wouldn't be going down this track unless the mayor gave GB some assurances that he would work towards the success of a deal along these lines. From a political standpoint, the mayor comes out looking pretty good, especially to the business community in Glendale.
Pure speculation on my part. We should know better before 5 pm tonight when the agenda for Tuesday's meeting is posted. I would also see them pushing this for a vote on the 28th, and not wait for the 2nd of July.
jol
Registered User
NHLfan4life
Who is PKP???
There were at least 3 businesses on the bubble from closing. One bar was days away from closing due to the lockout, McFadden's. And the area was dead other than the theatre which seemed untouched.
I feel it will get worse if the team isn't there, at least for the bars and restaurants. Probably for others but maybe Tanger will help since Westgate paid for a sidewalk with shade to adjoin the 2 properties themselves. It was almost gloomy at times. Speaking to store employees and store owners/managers, they all said they were taking a hit and it was very noticeable.
No speculation here, observed it myself since I frequent Westgate. I'm there at least once a week lately, but a bit less during the lockout.
rt
The Kinder, Gentler Version
rt
The Kinder, Gentler Version
I guess this is kind of something, I guess...
Craig Morgan @cmorganfoxaz
21st June 2013 from TwitLonger
Glendale spokesperson Julie Watters: "We are continuing our negotiations with the Renaissance group and we expect that early next week we will have some sort of a statement or press release and it will be with the council's direction for the management of our arena.
"We are also hopeful that in that time, we can discuss everything in more specific detail such as deal points. Our current anticipation is that we will take this to a public vote -- for the council to bring for a public vote on Tuesday, July 2."
Craig Morgan @cmorganfoxaz
21st June 2013 from TwitLonger
Glendale spokesperson Julie Watters: "We are continuing our negotiations with the Renaissance group and we expect that early next week we will have some sort of a statement or press release and it will be with the council's direction for the management of our arena.
"We are also hopeful that in that time, we can discuss everything in more specific detail such as deal points. Our current anticipation is that we will take this to a public vote -- for the council to bring for a public vote on Tuesday, July 2."
Just Craig Morgan's stuff, that they're going to continue to negotiate, and they want to put the deal information out for longer than the mandatory 72 hours before they vote, so apparently they're targeting July 2nd for the vote.
So are they purposely testing the NHL's stance of giving them leeway as long as there's progress leading up to the alleged deadline of the 2nd?
So are they purposely testing the NHL's stance of giving them leeway as long as there's progress leading up to the alleged deadline of the 2nd?
yotesreign
Registered User
Nope. Stay tuned though, a lot could change between now and July 5th. Like, "stuff" could happen.
starman
howling for Utah
IMHO the NHL is bluffing. They are hoping that RSE will scrape out a deal because the league would have no other options. I think Weirs is in the driver's seat and he knows it.
rt
The Kinder, Gentler Version
Why aren't the coyotes on Tuesdays agenda? Gary Bettman said from his own moth that the 6/25 council meeting was important.
What does this mean?
What does this mean?
It's a test. The league wanted a 'framework' done by today, which means it had to come to vote on Tuesday. They didn't do that, likely on purpose. I have doubts about RSE closing the deal, but the city also has nothing to gain by rushing through this. The league has said they won't wait that long, so it's a move by Weiers to force Gary's hand. If they move the team, Glendale doesn't look like the bad guy. The league couldn't care less about optics, but local politicians who eventually will be up for re-election do. The deal gets better for Glendale the longer this drags on.
My guess is we will see overt moves by the league towards relocation in the coming days. Weiers rattled his Sabre, now it's time for Gary to rattle his. I have no doubt that the league can whisk this team away for what they paid to a market somewhere. Anyone banking on that not being an option is going to be very disappointed.
Howler Scores
Registered User
Glendale still on track to approve Renaissance lease
http://www.foxsportsarizona.com/nhl...k-to-approve-Renai?blockID=914179&feedID=3702
http://www.foxsportsarizona.com/nhl...k-to-approve-Renai?blockID=914179&feedID=3702
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HockeyHillbilly
Registered User
Since I see you are from Florida, I assume your question is sincere and not sarcastic or rhetorical... Long story short, reminiscent of a mining ghost town.
While there are still other activities, such as the NFL (10-14wks a year) & Spring Training (A month+) that still leaves a lot of down time in the community the NHL was eating up. Was or is it as profitable as the others on a per event basis, probably not, but it still helps the people who work at those business to pay their bills & live the American dream.
rt
The Kinder, Gentler Version
Can we call the next thread "Coyotes Ownership Saga: The American Dream", please? Pretty please?
Desert Ice 11
I'm here!
If you haven't already, you should seriously consider a career in politics. You have a way of taking assumptions and fabrications and making them sound like facts. You can sling the ** with the best of them.
He was on the phone with the entire Fortress Bank, RSE, and CoG....ok.. X.X knows what he is talking about.
If you haven't already, you should seriously consider a career in politics. You have a way of taking assumptions and fabrications and making them sound like facts. You can sling the ** with the best of them.
It's not an assumption if you understand how lending works. It's literally the only reason RSE would need to give money to the city who then turns around hands it right back via the AMF.
Desert Ice 11
I'm here!
If you haven't already, you should seriously consider a career in politics. You have a way of taking assumptions and fabrications and making them sound like facts. You can sling the ** with the best of them.
None of these makes any sense, especially with no facts to counter.
coyotes
Registered User
- Mar 8, 2013
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I love the ignore list. I grew tired of reading passive aggressive commentary that is essentially saying you know nothing and I know everything.
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