February 25, 2004
Glendale arena development imperiled
With the NHL headed for a likely work stoppage in the fall (called a "strike" by the Arizona Republic, but more likely a lockout by owners), the owners of the Phoenix Coyotes are scrambling to find private investors willing to finance their planned 200-acre Westgate development project to accompany the team's new Glendale Arena. With the city's debt payments on the arena scheduled to come out of sales taxes from hockey games and from the Westgate development, an extended NHL labor conflict could also force the city to dip into its general fund to pay off arena bonds - other cities hoping to finance sports facilities with "tax increment financing," take note.
Posted by Neil deMause
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