The public investment â€” capped at $200 million in bonds, to be repaid through arena taxes and revenues â€” would be limited to $120 million if just an NBA team is secured first. The remainder would be added once an NHL team signs on, officials said.
Once both teams are secured, the cityâ€™s investment would be $120 million, and the countyâ€™s $80 million. Until an NHL team signs on, the cityâ€™s obligation would be $115 million and the countyâ€™s would be $5 million, because the city would receive more of the revenue.
A proposed Interlocal Agreement also was sent to both councils today.
ArenaCo, the investment group led by Hansen, would pay construction costs and overruns. And construction wouldnâ€™t begin until an NBA team was secured with a 30-year non-relocation agreement. Hansen and his yet-to-be-named investors would contribute up to $290 million, and buy an NBA team.