Rockets Owner Les Alexander "appeared willing Monday
night to accept Mayor Lee Brown's offer to an even split of
the cost" of designing and building a $160M arena, according
to sources cited by John Williams in a front-page report in
today's HOUSTON CHRONICLE. The "tentative agreement" still
needs to be approved by the Harris County-Houston Sports
Authority before being placed on the ballot for a November 2
referendum. Williams writes that "both sides made
significant concessions on major issues." Brown increased
the cost of the arena to $160M and the two sides agreed to a
"guaranteed fixed price so there should be no cost
overruns." In return for the city increasing its arena
contribution to $80M, Alexander has agreed to "assume
responsibility" for $10M in "build-out cost for concession
stands." Brown also agreed to obtain the land for the
"most-preferred site for an arena," while Alexander will now
provide "land and construction" for a 2,500-seat parking
garage. Alexander has "agreed to back off his demand that
he control design and engineering" of an arena. Williams
writes that the city and sports authority will now oversee
design and construction and it "appears" the city will also
manage the facility (HOUSTON CHRONICLE, 8/31).
