Phoenix XIXth: Nervous Breakdown

[aj8000]

It's $47M over the duration of the lease. That's almost half the bond being repaid by the CFD and not related to parking revenue. Also, Resnick (local reporter with Canadian roots who has followed this closely), stated the GWI saw the value of parking rights at $50M (no public statement from the GWI on this). If the CFD is obligated to pay CoG related to the parking rights, then technically the CoG is not paying too much for what they are purchasing from the team (very close to what the GWI estimated as value) because the balance is coming from the CFD, through Glendale, to MH.

I admit, I am having some difficulty understanding this deal as I can't put all the pieces togather. Maybe that is what the GWI is trying to figure out. Either way, I think today's vote signals another sign the deal is moving forward, not tanking.

Yes it is 47 million; however, using the time value of money it is not worth 47 million in 2011 dollars.

I suspect the money will come in handy in paying bond interest (at least 6 mil/year) or the management fee.

As for moving forward, I agree, this is some good news; however, is the deal moving forward fast enough? I think that is the question.

 

[Captain Esoteric]

Unless the CoG puts up another $25 million in escrow

What are the chances of this happening?

 

[aj8000]

We can talk about how twisted this entire deal is but the fact is, Scruggly wants this deal to go through more than anything and have probably told Beasley to word this in any way possible to avoid the courts.

So, is this council meeting televised or streamed online tonight?

yes it is

http://glendale-az.granicus.com/MediaPlayer.php?publish_id=4

however, I am not sure why you would want to watch it.

 

[davemac1313]

Is there a link to a video stream of tonights meeting?

doesn't appear there is any, usually it is posted on the site, video is blank for tonite

I Guess there is ^^^^^^^^

 

[davemac1313]

doesn't appear there is any, usually it is posted on the site, video is blank for tonite

I Guess there is ^^^^^^^^

so how do I watch...given that no Jets game is on NHL Network tonite

 

[Faltorvo]

A couple of interesting points in the new parking agreement with Ellman which I believe one is good news for Yotes fans. and one not so much...

The agreement allows the CFD to be used repay loans issued after the signing of the agreement. Therefore, it is possible that the hold up on the bond issue is this agreement and nothing sinister as some posters have indicated

7. CFD.

... that: (i) restrict the CFD to imposing and collecting assessments for the purpose of maintaining the Arena, for the purpose of creating a fund for the construction of the New Parking Facility, for the purpose of paying related financing, administrative, and transactional expenses (not including any amounts owing in connection with bonds issued by the City prior to the date of this Agreement), and for other purposes approved by owners of land in the district as provided below; and (ii) require that the amount of assessments levied by the CFD not exceed the Assessment Limits described below.

(b) The separate development agreement or amendments to the CFD organizational documents (as applicable) shall provide, further, that:

...(iii) specified changes will be made to the CFD's assessment authority in the event the Phoenix Coyotes cease operations at the Arena and are not replaced by: (A) another NHL hockey team or (B) another user that generates equal or better annual attendance numbers.

The signage agreement is also interesting with the 50/50 split in revenue

Ummmm , i thought it was a 30/40 year commitment by MH?

Why the caveat about ceased operations.

This CFD is not tied to or will be used toward the parking bonds? HMMMM.

 

[aj8000]

so how do I watch...given that no Jets game is on NHL Network tonite

Council meeting does not start for another 35 min

 

[aj8000]

Ummmm , i thought it was a 30/40 year commitment by MH?

Why the caveat about ceased operations.

This CFD is not tied to or will be used toward the parking bonds? HMMMM.

I think it is Ellman who is concerned that the Yotes will not be there.

I would guess that the parking bonds may qualify if they are issued after tonight.

 

[davemac1313]

Council meeting does not start for another 35 min

but should I see nothing when I load the page? I get a split screen with a PDF on one side showing schedule and a video feed screen on the other that is blank. Do I just wait, and nothing is on despite the schedule or should I be seeing something going on?? Almost like this thread...I am waiting and see nothing happening

 

[aj8000]

but should I see nothing when I load the page? I get a split screen with a PDF on one side showing schedule and a video feed screen on the other that is blank. Do I just wait, and nothing is on despite the schedule or should I be seeing something going on?? Almost like this thread...I am waiting and see nothing happening

Sounds like you do not have the proper add on (using windows media player on my system) for your browser or you have firewall issues. I just tried the link and I have video in the "video feed screen"

 

[David_99]

They spent the last 40 minutes talking about grease traps. You aren't missing much.

 

[davemac1313]

They spent the last 40 minutes talking about grease traps. You aren't missing much.

LMAO...how much is the bond for those??? and how many are they BUYING?

 

[RAgIn]

Video works fine for me.

Beasley is on right now.

And while the council is in session, a hockey game is on. It's almost sold out

http://twitpic.com/3tfoes

 

[Coach]

I believe the city has negotiated that they receive 12.5 million of the 25 million that was sitting in the parking fund from the previous owner. One councillor expressed concern that the money not be used for sport. How the money will be spent will be debated in the next budget period.

 

[RAgIn]

I believe the city has negotiated that they receive 12.5 million of the 25 million that was sitting in the parking fund from the previous owner. One councillor expressed concern that the money not be used for sport. How the money will be spent will be debated in the next budget period.

It seems like this money might be used for the loses that the team will soon incur. I guess they have to re-fill the escrow paymet money. Any ideas? Or is this strictly for parking purposes. I missed the video of that item (14). Let's not forget, we have no idea what happened to that 25 million.

Budget period is what, March, April?

 

[dandeneau44]

I believe the city has negotiated that they receive 12.5 million of the 25 million that was sitting in the parking fund from the previous owner. One councillor expressed concern that the money not be used for sport. How the money will be spent will be debated in the next budget period.

So perhaps (because the money they received has no limits as to how it can be spent) might possibly be spent on local upgrades like libraries or parks or maybe even roads but the sad part is that it could very well go right into a professional hockey team. I want the team to come to Winnipeg but I mean at the end of the day it's more then a hockey team, it's reckless spending by a city council and I do hope that they come to their senses. It may work out with this lease in the end but the odds are obviously against it actually working out in the wash and the general public doesn't deserve to suffer, they should be able to get the most out of their tax dollars. Just my opinion though

 

[Coach]

So perhaps (because the money they received has no limits as to how it can be spent) might possibly be spent on local upgrades like libraries or parks or maybe even roads but the sad part is that it could very well go right into a professional hockey team. I want the team to come to Winnipeg but I mean at the end of the day it's more then a hockey team, it's reckless spending by a city council and I do hope that they come to their senses. It may work out with this lease in the end but the odds are obviously against it actually working out in the wash and the general public doesn't deserve to suffer, they should be able to get the most out of their tax dollars. Just my opinion though

That 12.5 million won't go to the hockey team without a council vote (so not spent in the next month anyways).

 

[Coach]

I missed half the meeting so someone else will have to post if anything else relevant happened.

 

[Whileee]

That 12.5 million won't go to the hockey team without a council vote (so not spent in the next month anyways).

They already voted to cover losses incurred by the NHL this year operating the Coyotes, up to $25 million. Not sure where that money was to come from, but several posters opined that it would come from the "parking garage" money.

 

[Coach]

They already voted to cover losses incurred by the NHL this year operating the Coyotes, up to $25 million. Not sure where that money was to come from, but several posters opined that it would come from the "parking garage" money.

They negotiated that the city got 12.5 million of the parking garage money and the banks get the other half.
So obviously they are still short 12.5 million if they use this to cover loses.

 

[blues10]

Did anyone catch the comment tonight from Phil Lieberman at the COG council meeting about the 5500 parking spots that they already own. Was he referring to the spots that they are purchasing from Mr. Hulsizer or does the COG own other parking lots at Westgate?

 

[Coach]

10,057 attendance for tonights game.

 

[davemac1313]

Did anyone catch the comment tonight from Phil Lieberman at the COG council meeting about the 5500 parking spots that they already own. Was he referring to the spots that they are purchasing from Mr. Hulsizer or does the COG own other parking lots at Westgate?

Share the comment from Lieberman please

 

[wpgJetsfan]

10,057 attendance for tonights game.

Yep, lot's of Edmonton fans. I think I heard more cheering for an away team than for the home team.

Anyways, Edmonton pulled off the come back with a 4-3 win with 20 something seconds left in the game.

 

[RAgIn]

10,057 attendance for tonights game.

I might add there was a good Oiler Nation contingent there tonight. As seen on TV.