SBD/3/Facilities Venues

PART OF PEPSI CENTER TAB TO BE PICKED UP BY PUBLIC?

     Despite previous plans to privately finance construction of
the new Pepsi Center, Ascent Entertainment Group, owner of the
Avalanche and Nuggets, may now ask taxpayers to pay part of the
$150M price tag through tax increment financing, according to
Kevin Flynn of the ROCKY MOUNTAIN NEWS.  Ascent is expected to
propose the public subsidy when negotiations reopen with Denver
Mayor Wellington Webb.  Under a tentative agreement reached last
year, the city's 10% ticket tax and sales taxes in excess of $2M
generated at the Pepsi Center were to be used to defray operating
costs and future capital improvements.  The tax increment
financing would permit revenues to be designated for debt service
instead.  Ascent spokesperson Paul Jacobsen maintains the company
(unlike the Rockies and Broncos) will not seek a special tax.
Ascent asked to reopen negotiations several weeks ago, saying
increased costs have made the previous deal "unworkable" (ROCKY
MOUNTAIN NEWS, 6/2).
     BUILDING OWNERSHIP:  Flynn also reports Ascent is seeking to
retain ownership of the Pepsi Center, after originally agreeing
to deed the facility to the city for $1 upon completion.  Ascent
says it must maintain ownership in order to secure private
financing -- because without clear title, the company would be
unable to use the building as collateral (ROCKY MOUNTAIN NEWS,
6/2).
Return to top
Video Powered By - Castfire CMS Powered By - Sitecore

Report a Bug