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DENVER OFFICIALS SAY NO TO NUGGETS
Published January 12, 1995
City officials "declared an impasse" yesterday in its negotiations with the Denver Nuggets for a new arena. Officials on both sides said that they hoped negotiations would resume -- possibly as early as today. The main sticking point in the discussions is money, and how much the city will receive from the team. It has been agreed that the team would leave McNichols Sports Arena and enter into a 30-year lease at a new arena. The Nuggets would then manage not only the new arena, but also McNichols and the Denver Coliseum. In turn, the city would receive an annual payment of $2.2M, which "represents the revenue the city currently earns" from McNichols and the Colisuem. Under the proposal, payments would increase 3% per year. However, the sticking point is the city "insists" the annual payment increase with inflation (Lopez & Monroe, DENVER POST, 1/12).