Over the next two weeks, Tempe City Council will consider a development agreement with the Arizona Coyotes to build an arena and entertainment district on the northeast corner of Rio Salado Parkway and Priest Road, but according to public documents, the city has taken steps to ensure that the owners of the NHL franchise will bear the brunt of any additional financial burden the development could have on the city.on the $2.
The Coyotes have also agreed to pay the city for legal costs Tempe may rack up if the city is sued over the referendum or by the city of Phoenix or Phoenix Sky Harbor International Airport related to the project.The land the Coyotes have proposed to build on is currently a city dump and will require significant remediation before construction of the arena and entertainment district can take place.
As a result, the Coyotes will not have to pay property taxes during the life of that agreement, even if the property value increases. The team will also donate some in-kind usage to the city once the arena and district are built, including use of the music venue at least five days per year, the arena at least three days per year, an outdoor covered venue at least 10 days per year and the outdoor event plaza for at least 10 days per year, all at no cost. The team will also make a suite available in the arena for Tempe officials to use for “economic development/marketing purposes.
Hunden projected revenue to the city over 30 years at $350 million in sales taxes and $40 million in property taxes. But at the same time, Hunden estimates the city will spend about $199 million over 30 years repaying the CFD bonds.
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