A study conducted by a Valley economist said that the city of Glendale will be better off financially by keeping the Phoenix Coyotes rather than losing the team.
According to the study, the cost of operating a Coyotes-less Jobing.com Arena would total $315.3 million over 20 years, the length of the proposed team purchase agreement between Greg Jamison, the city and the NHL.
Should the Coyotes stay, it would cost the city of Glendale about $17.8 million less over the 20 years, when certain discount rates are applied. However, the study said that the gross loss to the city could be doubled with no team in the arena.
“The worst of all possible scenarios for Glendale would be for the hockey team to leave,” the study said.
The Coyotes account for about 59 percent of all the events at Jobing.com Arena and, according to the study, the Cardinals’ ten-home game season, along with other events held in the arena, do not present a viable way for nearby businesses and hotels to remain open. If the Coyotes leave, it could create a ripple effect to outlying offices and residences as well.
The arena is only used 85 days per year on average, thus meaning it has excess capacity. Should the Coyotes leave, demand for the arena could fall off more and property values and tax revenue would decline, despite the city still by liable for bond costs.
Read the full study
- Telecommuting: 5 tips to make it work for employers and employees
- See how top CFOs feel about economic growth in the Valley
- Migraine myths that keep patients from effective treatments
- Here’s why Gaydos went tankless with his water heater
- 12 things to watch before the Oscars
- Bocce ball and basketball: How you can help Arizona's Special Olympics athletes
- Tips on building the best wine room in Arizona
- Avoid the nightmare: 6 tips to choose a great contractor
- Breast cancer: Improved testing and treatments means more survivors
- Best and worst of Super Bowl commercials
- Failed back surgery: New hope for patients living in pain
- Ticking time bombs: Telltale signs your water heater is about to explode
- Reading glasses could be a thing of the past
- 6 cool ways teachers are using technology in the classroom
- Emerging tech jobs in Phoenix and how to get one in 2017
- 4 top treatments athletes use for pain
- Emergency! What to do when bathrooms flood
- Operation Santa Claus needs holiday help
- This college bowl season is likely to be epic
- Arizona kids in crisis: How you can help
- 11 holiday classics for the ultimate movie marathon
- New treatment offers hope for migraine sufferers
- 11 stadiums to watch your favorite football team
- Shopping for a TV? Best models for 2016
- The new beer pairing guide for holiday foods
- Avoid this holiday plumbing disaster in your home
- 7 tips to avoid holiday weight gain
- New treatments mean better prostate cancer survival rates
- 5 of the scariest things found in drains
- 6 tips to create the best family movie night