Revised Coyotes Arena Lease Deal Going Before Glendale Council

A revised agreement on a Coyotes lease deal will be presented to the Glendale City Council today, with "reduced payments to prospective owner Greg Jamison over the first five years." The original 20-year lease was "front-loaded" with $97M in the first five years going to Jamison and his partners, which now include Ice Edge Holdings. But acting City Manager Horatio Skeete "negotiated a reduction of the payments in the first five years" to about $72M, with the payments in the final 15 years being raised to "keep the overall cost of the lease to the city" at $324M (GLOBE & MAIL, 9/30).

The Council cannot vote on a renegotiated deal today "as workshops are only for discussion." Its next scheduled meeting is Oct. 9 (AZCENTRAL.com, 9/28).