Glendale officials approve $320 million deal to keep the Phoenix Coyotes in the city's arena

Published November 28, 2012

| Associated Press

Glendale officials have approved a $320 million deal to keep the Phoenix Coyotes in the city's arena.

The City Council approved a 20-year, $324 million deal for Jobing.com Arena in June, but city leaders sought to renegotiate it. The proposal approved Tuesday night would help Glendale because it would reduce payments in the early years of the 20-year deal and save the city $4 million.

City Council members debated the proposed arena-management agreement with potential Coyotes buyer Greg Jamison and whether the city can afford the agreement.

The deal requires Glendale to cut $17 million from the general fund. That means trimming dozens of positions within city government over the next five years.

The council approved the deal on a 4-2 vote.

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http://www.foxnews.com/sports/2012/11/28/glendale-officials-approve-320-million-deal-to-keep-phoenix-coyotes-in-city/