Phoenix LXIV: Will You Still Need Me, Will You Still Read Me, on Thread LXIV?
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DeathToAllButMetal
Let it all burn.
- May 13, 2010
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Again, it's just mind-boggling that AZ doesn't have a state law preventing exactly this sort of thing from happening when councils enter lame-duck periods in the months prior to an election and in the interim before the new council is seated. Hell, if you had a majority of council defeated, what's to stop them awarding themselves massive pay raises for the last month of their terms? Or giving themselves a million-dollar going-away party?
It's also insane to think that Jamison and the NHL and the Secret Investors would force themselves on a city that doesn't want them. In a month, a new regime will be in power with a majority of people that clearly want no part of this sham deal. How do Jamison and the Secret Investors move forward in partnership with the city in light of that unavoidable fact? Even if the agreement is signed, they've got to know just how incredibly ****ed up this entire business arrangement will be from day one. The new mayor will very likely take office and declare his first priority to be killing this deal before it bankrupts the city.
Man, this whole saga just gets crazier all the time.
It's also insane to think that Jamison and the NHL and the Secret Investors would force themselves on a city that doesn't want them. In a month, a new regime will be in power with a majority of people that clearly want no part of this sham deal. How do Jamison and the Secret Investors move forward in partnership with the city in light of that unavoidable fact? Even if the agreement is signed, they've got to know just how incredibly ****ed up this entire business arrangement will be from day one. The new mayor will very likely take office and declare his first priority to be killing this deal before it bankrupts the city.
Man, this whole saga just gets crazier all the time.
madhi19
Just the tip!
These peoples rejected reality a while ago. Otherwise they would have told Bettman where he can shove his team three years ago when he started asking for 25 million a year! Hell 50 million is enough to wipe a lot of the remaining debt on the freaking building. I keep coming back to gambler mentality to explain the whole psycosis. A gambler on a bad streak will throw good money at bad bets in the hope that his luck will turn so he can cover his previous loss. That how you lose a house and that how you bankrupt a city.
DeathToAllButMetal
Let it all burn.
- May 13, 2010
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Clark's motivations alone here pretty much make the case for lame-duck rules for councils in AZ. I know she believes in this deal, because she's a moron. But she's also clearly mean-spirited enough (the secret Hispanic conspiracy stuff was sickening) to vote for something like this to take revenge on the city for her humiliating defeat.
DeathToAllButMetal
Let it all burn.
- May 13, 2010
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But why do that when Jamison will just buy the rink for a couple hundred million in a year or two?
Come on, madhi, get with the Clarkonomics already!
Killion
Registered User
- Feb 19, 2010
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Is he perhaps working off of projected tax revenue losses should the Coyotes leave with absolutely no dates factored in & projected to offset those losses? I see the app $6M for AM, absolutely nothing, zero, with respect to potential event, trade show, concert dates... only explanation I can think of Whileee.
TheLegend
Megathread Gadfly
You base your analysis on the outcome you wanted. I'm basing my comment on what I'm observing first hand.
I've seen a lot of complaints here locally regarding confusion over 457. After the election, one of the initiative's proponents even tried to blame the loss on the city clerk for confusing voters with the wording on the ballot.
This is not exclusive to Glendale though. It happens in all elections.
madhi19
Just the tip!
Maybe the NHL threatened to burn the effing place down, salt the earth and even irradiate the air on their way out!Is he perhaps working off of projected tax revenue losses should the Coyotes leave with absolutely no dates factored in & projected to offset those losses? I see the app $6M for AM, absolutely nothing, zero, with respect to potential event, trade show, concert dates... only explanation I can think of Whileee.
TheLegend
Megathread Gadfly
1. "You implied that immediately after the agreement is signed, there is a reasonable expectation that Jamison will purchase the arena, retire the arena debt, and then not collect the AMF. Then why did you lease the Jobing.com arena to Jamison instead of selling it to him?"
2. "How much of the AMF is for arena management and how much is to subsidize the Coyotes operation?"
3. "Why are you allowing Jamison to receive the parking revenue rights, which the City of Glendale has previously valued at $100 million?"
4. "You said that the AMF is $11 million per year, but the total outlay for the AMF is $308 million. Can you explain why those figures don't match?"
I just did...
1) "I didn't imply he would buy it the next day. That is your own implication. However if you want me to clarify it some, he has the right to enter into a purchase agreement for the arena at any time once the AMF is signed."
2) "That is all set out in the AMF which anyone can now read and decide for themselves."
3) "Parking rights have been part of the original lease and remain so."
4) "$11 million is for the initial year of the agreement. The new total $308 million is still less than the $320 million outlined in the original agreement approved in June."
I just answered. If I could answer them, they were softballs......
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Is he perhaps working off of projected tax revenue losses should the Coyotes leave with absolutely no dates factored in & projected to offset those losses? I see the app $6M for AM, absolutely nothing, zero, with respect to potential event, trade show, concert dates... only explanation I can think of Whileee.
No - revenues are presented separately. I think I've figured out the discrepancy:
Using FY22 (though that applies for every year: link) --
Team stays:
Beginning GF balance (1.1)
Revenues 191.9
GF expenses (154.3)
MPC-PFC & Transfers out (35.3)
AMF & capital expenditures on arena (19.0)
equals
Ending fund balance (17.9)
No team:
Beginning GF balance 1.7
Revenues 189.4
GF expenses (163.9)
MPC-PFC & Transfers out (35.3)
AMF & capital expenditures on arena (8.8)
equals
Ending fund balance (17.1)
The 2.5M drop in revenues makes sense in the context of assuming no arena events if the team goes. The reduced AMF too. But the GF expenses make no sense -- why would they be 9.6M higher without the team?
Here's why: there's an "expenditure reduction" line item in FY13-FY16, i.e. the effect of service cuts is presented separately. It has much larger amounts if the team stays than if it goes. In other words it's not "Coyotes stay" vs. "Coyotes leave", it's "Coyotes stay + big cuts" vs. "Coyotes leave + smaller cuts". The only reason the first scenario looks better in the long run is because of those bigger service cuts.
OthmarAmmann
Omnishambles
Fascinating. I have generally given up looking at COG financial projections, although they do seem to have improved significantly under Skeete.
It would appear that they more or less backed into the GF expenditures that would result in nearly equivalent ending fund balances, and obviously there must be significant cuts to fund the AMF. Was this not discussed during the meeting? (who am I kidding... They might as well have discussed cookies and milk)
1) "I didn't imply he would buy it the next day. That is your own implication. However if you want me to clarify it some, he has the right to enter into a purchase agreement for the arena at any time once the AMF is signed."
2) "That is all set out in the AMF which anyone can now read and decide for themselves."
3) "Parking rights have been part of the original lease and remain so."
4) "$11 million is for the initial year of the agreement. The new total $308 million is still less than the $320 million outlined in the original agreement approved in June."
I just answered. If I could answer them, they were softballs......
You didn't hear my follow-ups yet....
1) "You didn't answer my question. If Jamison has any strong inclination to purchase the arena, why didn't the COG try to negotiate to sell him the arena now? If you did try to negotiate an arena sale, what was Jamison's response?"
2) "I am asking for your analysis of the agreement, and for you to tell our citizens who have not had a chance to read the agreement in plain language how much of the AMF is for running the arena and how much is to support the Coyotes hockey team."
3) "So do you accept that the parking revenue rights are worth $100 million, and if so, doesn't that have to be factored into the level of subsidy provided to Jamison?"
4) "Thanks for the clarification. The Coyotes have not played in the Jobing.com arena this year. Does the COG still have to pay the $11 million if there is no NHL season? What are the total AMF payments in the first five years?"
I was thinking that might be the case, but thought it was too preposterous. Could they have really asked the council to review projections comparing apples and oranges so blatantly?
So what they have pointed out is the blindingly obvious. If we cut more in expenditures than the difference between the Coyotes deal and another AMF, we'll have a higher general fund balance in the end. No wonder Skeete said that he personally can't support the Jamison deal (beyond the likelihood that he hasn't had much positive response from the wide circulation of his resume, and likes the COG gig).
Fidel Astro
Registered User
powerstuck
Nordiques Hopes Lies
Basically they are using the Coyotes to realize some cuts elsewhere ? Eh...seen this elsewhere.
Yep, I'm watching the video right now. The "with team" scenario contemplates making immediate large scale cuts. The GF impact of those reductions is compounded annually to the point where at the 15-20 year mark, the fund balance is higher with the team... even though the GF balance is negative and the city has been in austerity for two decades.
It is a truly amazing display of governance failure. And when the projections don't materialize again, there literally will be nothing left to cut. Might want to start studying Chapter 9
Yep, I'm watching the video right now. The "with team" scenario contemplates making immediate large scale cuts. The GF impact of those reductions is compounded annually to the point where at the 15-20 year mark, the fund balance is higher with the team... even though the GF balance is negative and the city has been in austerity for two decades.
It is a truly amazing display of governance failure. And when the projections don't materialize again, there literally will be nothing left to cut. Might want to start studying Chapter 9
This is a significant point. All of Glendale's credit cards are maxed out, and they are slashing their budget to the bare bones to afford the Jamison lease. I guess it's no surprise that Skeete has finally turned against the lease, and Knaack and Martinez are seeming a bit nervous. Skeete will have to face a city work force that is losing many jobs, and then a new mayor and council that oppose the deal. Knaack and Martinez will have to answer for the financial mess, reduced services and city job losses while Jamison gets millions. These folks are paying a very high price to keep the Coyotes in Glendale.
It will be fascinating to see if Skeete maintains his opposition to the deal, and then have council members vote in favor. Essentially, that would mean that two outgoing council members push through a deal that their (interim) city manager thinks is not advisable. Even if the lease is approved on November 27, it seems so unlikely to survive the aftermath.
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They were eluding to the fund transfer problem being much larger than just the Risk and Workers Comp funds. The inference was that there were many questionable transfers in the ledgers, apparently related to the spring training facility.
ducks2010
I buy milk in bags
- Apr 6, 2010
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This gets my vote!
Well, we'll see what happens Nov 27 I guess, might clear some things up.....maybe.....in some universe....
+1 for Phoenix LXV: OMNISHAMBLES
JMT21
I Give A Dam!
On what planet does Clark think GJ would actually buy the arena to relieve the COG of the debt and the AMF. Not much benefit their for GJ at all.
Maybe they should have considering selling the arena to GJ for $1.00 allowing him full control of all revenue that can be generated. Would cost COG less $$$ than this monstrous AMF. But I think the AMF gives GJ pretty close to full control and access to the majority of all revenue already.
Lieberman needs to come back and be there to vote as I don't think the new person taking his seat is eligible. Hopefully the new mayor will continue to shout from the rooftops that he will fight tooth and nail to overturn this lease should it go thru.
Odds that GJ reveals his investors before signing the lease? 10/1
Seems like only yesterday that Scruggs exalted that losing the Coyotes would cost the 500-600M over 30 years...... my how times have changed.
Maybe they should have considering selling the arena to GJ for $1.00 allowing him full control of all revenue that can be generated. Would cost COG less $$$ than this monstrous AMF. But I think the AMF gives GJ pretty close to full control and access to the majority of all revenue already.
Lieberman needs to come back and be there to vote as I don't think the new person taking his seat is eligible. Hopefully the new mayor will continue to shout from the rooftops that he will fight tooth and nail to overturn this lease should it go thru.
Odds that GJ reveals his investors before signing the lease? 10/1
Seems like only yesterday that Scruggs exalted that losing the Coyotes would cost the 500-600M over 30 years...... my how times have changed.
Adding insult to injury, Congress and the folks who have us staring off the fiscal cliff are toying with the idea of taking away the tax exempt status that Municipal bonds enjoy. If such a move were to come to fruition the COG and all other municipalities will see their borrowing costs go up dramatically. Joyce Clark, one of no brain, morals and a committed Socialist would applaud such measures in the same vein that she has so absent mindedly supported tendering a lease to an individual who is the front man for people we do not know. The same JC who is blindly attempting to lead Glendale over a cliff of their own making! Joyce please leave yesterday!
cbcwpg
Registered User
It’s a “job well done, but we can’t afford it,†Skeete said of the city quest to keep the team.
http://www.azcentral.com/community/...spar-phoenix-coyotes-deal.html?nclick_check=1
http://www.azcentral.com/community/...spar-phoenix-coyotes-deal.html?nclick_check=1
kdb209
Registered User
- Jan 26, 2005
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