TITLE

Phoenix Suburb Skates Toward $165 Million Arena Deal

AUTHOR(S)
Williamson, Richard
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/9/2003, Vol. 344 Issue 31632, p6
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Glendale, Arizona, will price $165 million of excise tax revenue bonds next week for an arena for the National Hockey League's Phoenix Coyotes that will be the epicenter of a major commercial and professional sports complex in the western suburb of Phoenix.In a deal with Arizona developer and Coyotes owner Steve Ellman, the city agreed to finance four-fifths of the arena with revenue bonds and provide $ 30 million of infrastructure through general obligation bonds.Next door to the arena, ground has already been broken for a new Arizona Cardinals stadium, financed in part with $ 230 million of revenue bonds issued by the Arizona Tourism and Sports Authority, a Maricopa County agency created by voters to find a stadium site and issue financing.The arena revenue bonds will be sold in two series by a city-owned conduit issuer, the Glendale Municipal Property Corp. Underwriters on the$ 65.7 million of tax-exempt Series 2003A bonds are UBS PaineWebber Inc., J.P. Morgan Securities Inc., Citigroup Global Markets Inc., Siebert Brandford Shank, M.R. Beal.
ACCESSION #
9845624

 

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