ARE THE CITIES EARLY CONVERSATIONS BINDING?
Arizona State University law professor Jonathan Rose said an agreement in principal that’s not yet finalized may or may not prove binding. Private companies launch projects in this fashion, he said, but it adds risk should the deal fall through. “It’s a bit riskier for a public entity because it’s taxpayer dollars,” Rose said. GLENDALE HAS FINAL AGREEMENTS FOR THE REST OF THE PROJECT, RIGHT? No. The city has an agreement in principal, but no final agreement, with developers slated to build commercial development near the ballpark to generate sales taxes to pay off the city’s portion of the ballpark. HOW MUCH DID THE BALLPARK COST? It was pegged at $85 million in 2006. Two years later, the city borrowed $110 million in bonds to build the ballpark itself. The infrastructure was in addition. The city still has not provided a final cost on the ballpark. WHO IS PAYING FOR IT? To sell bonds at a favorable rating, Glendale guaranteed city sales tax and other revenue that support daily operati
