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PEPSI CENTER TO BE THE CHOICE OF DENVER'S GENERATIONEXT
Published October 31, 1997
Ascent Ent. and Denver officials "compromised" on a final deal for the $170M Pepsi Center yesterday, according to Ann Imse of the ROCKY MOUNTAIN NEWS. City negotiators "gave up their demand" for veto power over a new owner if Ascent sells the Avalanche and Nuggets, but the city "won written assurances" that it won't be left with millions of dollars in expenses to run the arena if Ascent "goes bankrupt or otherwise defaults." Ascent "will pay for the arena and keep the revenue." Imse adds that the city is "giving up millions of dollars in tax revenues" and "releasing" the Nuggets from a long-term lease at McNichols Arena "in exchange for a guarantee that both teams will remain" in Denver for 25 years (ROCKY MOUNTAIN NEWS, 10/31). The city will also give Ascent a "bundle of lucrative concessions," including $4.5M for infrastructure and $2.25M in sales-tax rebates during the two-year construction period (Alan Snel, DENVER POST, 10/31).