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.
- 6 coolest things brewing in Arizona
- The virus that keeps head and neck cancers on the rise
- State Fair ‘Kid Reporter’ has all the angles covered
- 4 important things to know about timeshare maintenance fees
- Signs of delayed car crash injuries
- The truth about sports concussions
- The Alzheimer's epidemic: Facts you need to know
- The season is here, keep your Fantasy Football team strong all season
- 8 TV shows you can't miss this fall
- Football is here: 6 tips to make this your best season ever
- Gameday recipes and beers to match
- 6 reasons the Cardinals are driven to win the Super Bowl
- The Pac-12 football season nears kickoff
- Tips to get ready for a pain-free golf season
- Protect your family with these 7 home security features
- How to train like an Olympic swimmer
- 2016 Olympics: A guide to must-see TV events
- The bride's guide to feeling your best on your wedding day
- Deciding when you need knee surgery
- Celebrating Fourth of July is much cooler in these AZ towns
- Top ten road trip bathrooms in America
- Six things causing a pain in your neck
- 5 things to make your summer move easier
- Three elements of a strong timeshare exit guarantee
- Stretches and exercises for carpal tunnel syndrome
- The best Major League ballparks have their own personality
- Comparing the best regular seasons: The '96 Bulls and '16 Warriors
- 3 Arizona road trips and the vehicles to get you there
- Colon cancer is preventable. Check these signs and symptoms to stay healthy.
- 6 of the biggest skin cancer myths