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PANTHERS ARENA DEVELOPERS NEED LOAN TO FILL UP CASH KITTY
Published June 24, 1998
Broward County, FL, commissioners voted to "freeze" $9M to cover back wages owed to construction workers on the NHL Panthers' new arena, according to Meg James of the MIAMI HERALD. At issue is "at least" $6M in back wages "owed to construction workers" due to insufficient wages. The move "leaves" $7M in county money available for the Panthers to complete construction of the $184.5M arena, which is "edging closer" to $200M. Broward Finance Dir Phil Allen said that Arena Development Co. is "lining up" a $10M bank loan "to complete the project after the county money dries up this summer." Commissioners said they "needed to move quickly to prevent the depletion of the remaining" $16M in the construction budget (Meg James, MIAMI HERALD, 6/24).