Officials from the City of Tempe will meet in a closed session this week to discuss the Arizona Coyotes’ controversial proposal to build a $1.7B arena and mixed-use entertainment district on City-owned land at Priest Drive and Rio Salado Parkway.
The team submitted a bid in September to create the district, which would include an arena, multifamily developments, commercial, retail and entertainment space on the roughly 46-acre property.
The development would be financed by Coyotes owner Alex Meruelo and private investors. An additional $200M to remediate the former landfill site would be used in City sales tax revenues under a Community Facilities District arrangement.
Tempe officials have so far not commented on the proposal, which is currently under committee review. A recommendation could come as late as the end of February.
Officials and councilmembers are reportedly meeting with legal staff this week to consider options for the property and the proposal.
Reports this summer said there is support for the proposal in City Council but that it is not unanimous.
The language of the City’s solicitation made it clear the Coyotes were a, if not the, desired respondent, and the team was the only organization to submit a response.
The team has had multiple issues with its current location in Glendale and has even been rumored to be for sale. Team officials flatly deny sale rumors. Glendale will not renew the team’s lease at Gila River Arena when the season ends in April. (Source)