The Scottsdale City Council voted unanimously last
night to extend the stadium district "overseeing the
financing" of the $575M Los Arcos arena project "provided
that" Coyotes Owner Steve Ellman "met several conditions,"
according to Susie Steckner of the ARIZONA REPUBLIC, who
writes the extension "breathes new life" into the project
with the stadium district due to expire December 31. The
stadium district "is key to a $200 million purse of public
money to help fund the project, which includes an arena for
the Coyotes." The Council stated that the sale of the team
to Ellman must be complete by December 31; Ellman must pay
the fees of a financial consultant hired by the city, up to
$50,000; a meeting must be scheduled between the city and
Ellman's bankers; a "term sheet" must be negotiated between
the city and Ellman showing "the first step toward a
detailed redevelopment agreement" and Ellman would have to
post a bond by January 21 for the full cost of the
demolition of the existing Los Arcos Mall. Steckner adds
that Ellman must agree to the conditions by December 29.
(ARIZONA REPUBLIC, 12/19). In Phoenix, Hal Mattern writes
that Ellman had "no idea" that buying the Coyotes "would be
part of the bargain" when he set out" two years ago to build
a major hockey arena and shopping complex in Scottsdale.
Ellman is "poised to become the reluctant owner" of the
Coyotes, which are "considered crucial to the success of Los
Arcos, seen "as a first-of-its-kind sports, entertainment,
retail, and residential project" (ARIZONA REPUBLIC, 12/19).
