Part XVIII: Phoenix -- Imminence Front

[Fugu]

In otherwords, the theory of the CoG is to wait and hope that things tomorrow will be better than today.

One thread title I was considering was J. Wellington Wimpy's, "I'll gladly pay you Tuesday for a hamburger today."

 

[AllByDesign]

It seems that The City of Glendale has a solution to the debt 'Gap' in their bond proposal...

 

[Confucius]

Does Westgate secede from Glendale, becoming a city-state all it's own?

Maybe they'll be able to buy Glendale out of bankruptcy. They can get Judge Baum to hear the case.

 

[RECCE]

And my understanding is that doesn't even take interest into account. I don't know how anyone (Coyotes fan or not) can agree with this "deal" without feeling a great deal of shame.

I'm sure, from their perspective, some fans still think this is a good deal...

 

[OthmarAmmann]

From the sidebar:

Public records not released

The Arizona Republic orally requested copies of Glendale's parking-revenue studies from city officials on Dec. 14, the night the City Council approved the Coyotes deal.The paper followed up the next day with a written public-records request.

Two days after the vote, Glendale provided the reports to the Goldwater Institute, a conservative watchdog that is in a lawsuit with the city regarding release of Coyotes-related public records and is scrutinizing the arena agreement.

Glendale, four weeks later, still has not produced any documents for The Republic, despite a second request. Arizona statute requires government to "promptly" respond to public-records requests.

 

[MaskedSonja]

From the sidebar:

"Imminent"
"Promptly"
"Shortly"

CoG is taking words that imply "small time span" and REALLLY stretching their meanings.

Linguistically it's a rather impressive feat...

 

[blues10]

From the sidebar:

I believe the delay in getting the parking analysis study distributed to those that requested it was an attempt to save $$$ on paper, ink, stamps and the high cost of photocopying or photocopy machine was broken and they couldn't afford to fix it.

 

[JetFan4Ever]

I haven't looked but considering that Glendale received two parking studies, were they commissioned at the same time? or were they not happy with one and asked for another?

 

[Whileee]

I haven't looked but considering that Glendale received two parking studies, were they commissioned at the same time? or were they not happy with one and asked for another?

One study found that the parking wasn't worth nearly $100 million, while the other study found that it was. Try to guess which parking study came first...

 

[Adventure Metal]

I believe the delay in getting the parking analysis study distributed to those that requested it was an attempt to save $$$ on paper, ink, stamps and the high cost of photocopying or photocopy machine was broken and they couldn't afford to fix it.

They're waiting for the right timing to enter the Kinkos market

 

[cbcwpg]

One study found that the parking wasn't worth nearly $100 million, while the other study found that it was. Try to guess which parking study came first...

Why is it I can see the CoG Council sitting around a campfire singing Joni Mitchell songs ( with a few mods )...

They paved paradise
And put up a parking lot
With a Hampton Inn, a boutique
And a swinging Hockey Rink

Don't it always seem to go
That you don't know what you've got
‘Til it's gone
They paved paradise
And put up a parking lot

They took all the hockey players
And put them on a desert team
Then they charged the people
A dollar and a half plus $20 parking just to see 'em

Don't it always seem to go,
That you don't know what you've got
‘Til it's gone
They paved paradise
And put up a parking lot

 

[Tommy Hawk]

Well, when you've fallen down the Rabbit Hole the way Glendale has, taking advice from a Hookah Smoking Caterpillar could well be your only salvation. I consult with him all the time.

Same here....

7.75% yeild... 370 Million after interest... + 97 Million for 'arena management'... Nearly half a Billion dollars to keep an NHL team in Glendale. This is the option that is supposed to be better for the citizens of Glendale? I have been rendered speechless and light headed.

Did you also consult with the caterpillar???

Perhaps a change on that book title ABD?

Maybe " The 500 Million Dollar Coyote" "Billion Dollar Coyote"?

Wile E. Coyote and MH will then change the name to the RoadRunners.... Beep Beep!!

And my understanding is that doesn't even take interest into account. I don't know how anyone (Coyotes fan or not) can agree with this "deal" without feeling a great deal of shame.

Keeping with songs, you can either go with Blinded By The Light or Money for Nothing.....

 

[blues10]

Maybe they'll be able to buy Glendale out of bankruptcy. They can get Judge Baum to hear the case.

Balsille could buy the entire COG out of bankruptcy....Now that's a news story!

 

[Doug Smail]

Balsille could buy the entire COG out of bankruptcy....Now that's a news story!

...and then Thomson comes along and makes Balsille his pool boy!

 

[htpwn]

Balsille could buy the entire COG out of bankruptcy....Now that's a news story!

With the amount of twists and curves in this story, nothing would surprise me anymore.

 

[Free Edler]

I'm sure, from their perspective, some fans still think this is a good deal...

Anything that keeps the team in town is a good deal to some of them, and damn the consequences. The amount of 'Yotes fans on this forum who live in Glendale I'd wager is pretty small compared to Phoenix/rest of the state, so their pocketbooks aren't impacted.

 

[DeathToAllButMetal]

So is this really why the deal seems to have stalled? Somebody crunched the numbers after the meeting and realized that Glendale simply can't afford this? Sure seems like something has come up to drag things out and the city is just dragging its heels now to avoid admitting that they didn't due proper diligence investigating the end costs of this subsidizing nonsense after factoring in interest.

It's just wild that the NHL is still playing along with this. Why would anybody want to get involved with a cockamamie scheme like this one? It's bound to burn anybody who gets anywhere near it.

 

[OthmarAmmann]

I took the CoG cost benefit analysis and added debt costs at 7.75%. I also overlayed the parking revenue numbers with the projections from Walker and Hocking.

 

[blues10]

I took the CoG cost benefit analysis and added debt costs at 7.75%. I also overlayed the parking revenue numbers with the projections from Walker and Hocking.

What are all those negative numbers in the last column?

 

[Killion]

I took the CoG cost benefit analysis and added debt costs at 7.75%. I also overlayed the parking revenue numbers with the projections from Walker and Hocking.

I cant open that OA. Can you provide a synopsis or snapshot of the bottom line between the two?.

 

[OthmarAmmann]

What are all those negative numbers in the last column?

Maturity of the debt. I assumed a straight 30 year bond with no sinking fund or whatever.

 

[dkehler]

Maturity of the debt. I assumed a straight 30 year bond with no sinking fund or whatever.

If I'm reading this correctly, your spreadsheet shows that under their best case scenario, Glendale is losing something like $47 million overall on just the parking?

 

[blues10]

Maturity of the debt. I assumed a straight 30 year bond with no sinking fund or whatever.

Ouuuuchhh!!! that can't be a good thing. I assume all the COG councill memebers will be long gone before that fiasco occurs. This apperas to be over paying for the parking rights. I wonder if it went off at 5 or 6% if the numbers would make more sense. Very nice work and certainly very interesting. It would be hard to believe GWI would like those numbers but perhaps there is nothing they can do about it.

 

[OthmarAmmann]

I cant open that OA. Can you provide a synopsis or snapshot of the bottom line between the two?.

I added an image of the projected city cashflows.

If I'm reading this correctly, your spreadsheet shows that under their best case scenario, Glendale is losing something like $47 million overall on just the parking?

You mean the last year of Hocking? In that year the city has revenue of $60 mm and debt repayment and interest of $108 mm.

 

[NHLfan4life]

Anything that keeps the team in town is a good deal to some of them, and damn the consequences. The amount of 'Yotes fans on this forum who live in Glendale I'd wager is pretty small compared to Phoenix/rest of the state, so their pocketbooks aren't impacted.

LOL. So anyone who doesn't live in Glendale, like I do, shouldn't support the team and just shut up? Nice.