PHOENIX — The Glendale City Council will present the public with an option Tuesday that would see City Hall used as collateral for a loan to pay for debts owed to the National Hockey League.
Glendale Chief Financial Officer Diane Goke said the loan would be for $30 million total.
“We’re putting up City Hall as collateral to pay back the interfund loans that we made for the Coyotes payments in 2011 and 2012,” she said, correcting herself to say “I’m sorry, not Coyotes payments, the payments to the NHL.”
$5 million of the loan would be paid to the NHL. Goke said the rest of the money would go for other things.
“$15 million would pay off the water and sewer fund. We have $5 million that would pay off the technology and vehicle replacement fund. Then we also have a payroll upgrade that we’re doing for $1 million.”
Goke said it not unusual for states and cities to try to use government buildings as a way to generate income.
“The state did it a couple of years ago,” she said. “The cities of Tucson and Scottsdale actually did it back in the 1980s.”
There’s no word yet on who might loan Glendale the money.
The city council also held a closed-door session Tuesday to get legal advice on the arena management deal for the city-owned Jobing.com Arena. The deal has not been finalized, but a city spokesperson said Glendale hopes to release details soon.
The public meeting is at 7 p.m. at Glendale City Hall.
- 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