Scottsdale voters "overwhelmingly approved" the first
step in building a hockey arena for the Coyotes by a vote of
63% to 37%, according to Carol Sowers of the ARIZONA
REPUBLIC. The $624M Los Arcos project, which would be
"anchored by" an 18,000-seat arena, a 500-room hotel and
conference facility and a YMCA, still needs an estimated
$100M in matching funds over the next decade. In November,
voters will decide "whether to allow" the stadium district
board to use about $100M in state sales taxes "generated in
the sports and entertainment complex over ten years" for the
cost of construction. The Coyotes and Ellman Cos.
bankrolled an estimated $850,000 "advertising blitz" to
convince voters that the project would "revive" south
Scottsdale (ARIZONA REPUBLIC, 5/19). In Phoenix, Kent
Somers writes, "A financing plan must be developed, and
Scottsdale voters will be asked this fall to decide the
deal's fate." A new arena wouldn't open until the fall of
2001 "at the earliest" (ARIZONA REPUBLIC, 5/19)
READY FOR NEW INVESTORS: Yesterday's vote was a
"positive move" for Coyotes Owner Richard Burke, who has
been on a "quest" to find a partner to buy a part of the
team. Burke: "I've said all along I'm not going to invite
someone to a check-writing party. This has to be a viable
project" (ARIZONA REPUBLIC, 5/19). Burke, who has reported
annual losses of $5M, "apparently has met" with several
interested parties in recent months, with "speculation"
surrounding the interest of Wayne Gretzky. A Coyotes
official "dispelled" the rumor (ARIZONA REPUBLIC, 5/19).
