((HT: FSArizona/NHL/youtube))
Okay... the HQ will admit that this may not swing something one way or the other, but you can't fault Matthew Hulsizer and the City of Glendale for trying to get the Goldwater Institute off their collective backs to get the Phoenix Coyotes purchase done once and for all...
Hulsizer came to the table with a "financial guarantee" over the weekend...
Currently, that means: Hulsizer said he is willing to guarantee US$75 million worth of the US$116 million in bonds the City of Glendale has been trying to sell to complete the sale to Hulsizer. The sale agreement, right now, calls for Hulsizer to get US$100 million payment from the city in order to complete a US$170 million purchase from the NHL...
Here's Hulsizer explaining with FSArizona's Todd Walsh...
But Goldwater is still not pleased... they, now, don't think the City is getting fair value in the deal...
Goldwater's website states- "Mr. Hulsizer is not providing roughly proportionate value for the payments he will receive from the city."
So much for that idea... follow Goldwater hyah...
1400 UPDATE: Brahm Resnik, resident bulldog for 12News in Phoenix, has a bit of an explanation through his Twitter account...
Review parking rev every 5 yrs. If rev short of projections, he makes good on difference, up to $75M
I guess, after the Twitter-to-English translation, that means that if after five years parking revenue is short on projections Hulsizer will make up the difference up to US$75-million...
Unless, of course, he sells before the five year marker...
No comments:
Post a Comment