Your borrowing power is greater than that of the Arizona Coyotes' owner
The Tempe City Council voted to negotiate with the Arizona Coyotes on a nearly $2 billion development project that would include a new arena for the franchise.
The council voted 5-2 in favor after a seven-hour meeting Thursday night that included comments from more than 100 citizens and the reading of more than 220 written statements.
The Coyotes made a lengthy presentation for a 46-acre site west of downtown Tempe that would include an amphitheater, hotels, retail, offices and housing. Former Coyotes captain Shane Doan and three current players also spoke at the meeting.
Sky Harbor Airport officials expressed concern about the housing, as the land is 9,800 feet from the end of one of its runways. They did not object to the amphitheater proposal, but said the sound insulation would not be effective enough for the 1,000 residential units directly under the flight path.
NHL commissioner Gary Bettman said via video call that he approved the plan without reservation, but said a 30-year no-movement agreement would be required.
This 5-2 vote in favor of the project is most surprising after hearing city council member Lauren Kuby speak. He had a business viability assessment prepared for Coyotes owner Alex Meruelo's portfolio. The Dun & Bradstreet Finance Analytics firm concluded that Merulo showed a high delinquency score, a moderate to high risk of default, a high overall risk assessment and a maximum credit recommendation of only $5,000 for the Coyotes organization.
Yes, yes, you read that correctly. That wouldn't allow Merulo a loan larger than $5,000...
Pretty amazing that Gary Bettman is stubborn about keeping this franchise in Arizona.
Source: The Athletic
| POLL | ||
Is it a big mistake to keep the Coyotes in Arizona? | ||
| Yes | 187 | 86.2 % |
| No | 30 | 13.8 % |
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