SBD/Closing Bell

Glendale Could Use City Hall As Collateral For Sports Debts

The Glendale City Council today was expected to vote on whether to use City Hall as collateral to borrow $30M to "help pay off other loans the city gave itself to cover sports-related debt." The proposed loan is "separate from discussions city officials are having" with the potential new Coyotes owners to manage Jobing.com Arena. If the council approves the plan, city officials "will seek outside investors to lease back the City Hall complex for 20 years" by making a one-time $30M payment (ARIZONA REPUBLIC, 6/25).
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