An executive familiar with the Renaissance bid said the ownership group wants the city to pay $15 million over 15 years to manage Jobing.com Arena. The money would help Renaissance close on the purchase of the team from the NHL, and past Coyotes bidders have relied on favorable city arena deals to help their purchase efforts.
To offset the $15 million price tag Renaissance is offering to share future revenue from things such as parking and ticket surcharges to Glendale. The group said that could total as much as $8 million to $10 million a year for the city.
Okay, that’s actually marginally hopeful: This is the first time anyone’s mentioned any actual cash money going from the Coyotes owners to Glendale in exchange for the $15 million in annual revenues. When last this was discussed, the Coyotes were to pay $2.2 million a year in rent payments, ticket surcharges, sales taxes, and other fees combined, so to come up with $8-10 million a year, presumably we’d be talking some hefty surcharges. In fact, since the Coyotes only sold 500,000 tickets the last time there was a full NHL season — plenty of whom probably didn’t show up, and so wouldn’t have paid parking surcharges — we’d be talking nearly $20 in surcharges per person, which is, um, kind of a lot.
So, maybe not so marginally hopeful. We should know more tomorrow night, when the council is finally supposed to hold its first public comment session. Unless they let people comment without actually telling them what they’re commenting on, which would be so Glendale.