Phoenix City Council approves $230 million Suns arena deal

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Duane Rankin
Phoenix City Council approves $230 million Phoenix #Suns arena renovation deal https://www.azcentral.com/story/news/local/phoenix/2019/01/23/phoenix-council-approves-230-million-suns-arena-renovation-deal/2648687002/… via @azcentral

 

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The Phoenix City Council approved a controversial deal with the Phoenix Suns that will keep the NBA franchise in downtown Phoenix through at least 2037.

The council voted 6-2, with Vice Mayor Jim Waring and Councilman Sal DiCiccio opposing it, to approve the $230 million deal. The city will pay $150 million from its Sports Facilities Fund, which is composed of a 1 percent tax on hotels and a 2 percent tax on car rentals.

 

[az jam]

What is the deal?

• Phoenix pays $150 million for arena renovations.
• Suns pay $80 million for renovations and any cost overruns.
• After the renovation, Phoenix will pay $2 million annually for 12 ½ years into a new renewal and replacement fund, which will be used for future renovation needs.
• Suns will pay $1 million into the new fund for 12 ½ years.
• Suns will continue to operate and maintain the building, including booking concerts and other events.
• Suns will continue to pay rent to the city (calculated as a percentage of annual proceeds).
• Suns will build a new practice facility (estimated to cost $25 million to $50 million) somewhere in Phoenix.
• Suns commit to staying in downtown through 2037 with an option to extend the lease to 2042. If the team leaves before 2037, it will face up to a $200 million fine.

 

[AsUpRoDiGy]

Needed to be done...unfortunately. At least Sarver is forking out some cash...practically a miracle.

 

[az jam]

Lots of negative's with having Sarver as an owner and the Suns not doing well. But this is good for Phoenix and the downtown area and I would hate to see the Suns leave.

 

[Finito]

God it needs a facelift. Holy crap have you sat in the club? It literally hasn't changed since the 90s

 

[95pro]

Alright this is good new, the Suns stay the Suns stay! Hopefully in my lifetime I can see them win a championship now.

 

[JCSunsfan]

God it needs a facelift. Holy crap have you sat in the club? It literally hasn't changed since the 90s

The older you are, the less bothersome that seems

 

[JCSunsfan]

It is quite amazing they pulled this off this quickly and quietly. I am impressed. But banking and deals like this are what he is good at.

 

[sunsfan88]

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This must have been a pretty traumatic experience for Mary Rose Wilcox altogether. Mind numbing how the idiot in this still has no remorse after spending a good amount of time in a jail cell.

 

[Finito]

The older you are, the less bothersome that seems

Oh 100% disagree if im paying for it I want it to be worth it not the same crap it was 20 years ago.

 

[mjb21aztd]

now let's get sarver out of suns basketball and it's a wrap!

lol great news on the stadium atleast suns will stay in Phoenix no matter how long this painful rebuild lasts.

 

[elindholm]

2036-37 will be their 69th season. If they're still with only two Finals appearances by that point, maybe it's time for everyone to move on.

 

[Mainstreet]

I guess there is still a chance this goes to the voters.

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[Kel Varnsen]

God it needs a facelift. Holy crap have you sat in the club? It literally hasn't changed since the 90s

Is this sincere?

 

[Mainstreet]

I listened to Gina Mizell of The Athletic the other day and she described it as the worst Arena in the NBA.

She said she had visited all of them in a year or a year plus.

 

[Finito]

Is this sincere?

Very.

 

[BC867]

I guess there is still a chance this goes to the voters.

Update: the referendum to bring it to a vote has been denied and the decision stands. Talking Stick Resort Arena will be funded.

https://www.azcentral.com/story/new...&utm_campaign=narrative&utm_term=article_body

 

[Mainstreet]

Update: the referendum to bring it to a vote has been denied and the decision stands. Talking Stick Resort Arena will be funded.

https://www.azcentral.com/story/news/local/phoenix/2019/02/05/common-sense-phoenix-drops-referendum-phoenix-suns-talking-stick-resort-arena-funding/2772188002/?utm_source=azcentral-AZ Memo&utm_medium=email&utm_campaign=narrative&utm_term=article_body

Great news BC.

 

[JCSunsfan]

Its good for the city too. We need something nice down town.

 

[AZ Native]

The thread title is misleading. The Sun's don't own the arena. The City of Phoenix does and must abide by the contract. The Suns use the area for about 1/3 of the year. The rest is Mercury, Rattlers, concerts, ice shows etc. The contract is the key.

 

[JCSunsfan]

The thread title is misleading. The Sun's don't own the arena. The City of Phoenix does and must abide by the contract. The Suns use the area for about 1/3 of the year. The rest is Mercury, Rattlers, concerts, ice shows etc. The contract is the key.

Kinda true. The City owns the arena, the Suns manage it. All the other entities basically sublease from the Suns I believe.

 

[AZ Native]

Kinda true. The City owns the arena, the Suns manage it. All the other entities basically sublease from the Suns I believe.

That's news to me but I am not sure.

 

[BC867]

Kinda true. The City owns the arena, the Suns manage it. All the other entities basically sublease from the Suns I believe.

I am under the same impression. The Mercury, of course, are owned by the Suns and are therefore not a lessee.

EDIT: I just found this.

The Phoenix Suns operate and manage all aspects of US Airways Center under a long term agreement with the City of Phoenix, which owns the facility.

https://www.talkingstickresort.com/...ommunity-announce-talking-stick-resort-arena/

 

[Mainstreet]

I was quite sure where to put it so I will place it here.

Robert Sarver is giving $2.6M Phoenix Head Start.

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