Upgrades to comply with the Americans with Disabilities Act.Replace, resurface or recoat stairs and platforms where seats are located.View Gallery: 25 Years of Talking Stick Resort Arena What renovations will be made? The council can - and some argue it should - use the roughly $20 million the city generates each year in tourism taxes for more critical needs. The fund was created to build and support the downtown arena, and it has funded renovations to the Milwaukee Brewers spring training facility and the operation of the previously city-owned Sheraton Grand Phoenix.Īlthough it was created expressly for tourism-related purposes, the City Council has discretion over how the money is spent. The city money for the renovation deal would come from the Phoenix Sports Facilities Fund, which is comprised of a 1 percent tax on hotels and 2 percent tax on car rentals. If the team leaves before 2037, it will face up to a $200 million fine. Suns commit to staying in downtown through 2037 with an option to extend the lease to 2042.Suns will build a new practice facility (estimated to cost $25 million-$50 million) somewhere in Phoenix.Suns will continue to pay rent to the city (calculated as a percentage of annual proceeds).Suns will continue to operate and maintain the building, including booking concerts and other events.Suns will pay $1 million into the new fund for 12 ½ years.After the renovation, Phoenix will pay $2 million annually for 12 ½ years into a new renewal and replacement fund, which will be used for future renovation needs.Suns pay $80 million for renovations and any cost overruns.Phoenix pays $150 million for arena renovations.Here's everything you should know about the deal: What is the deal? Sports deals have become increasingly unpopular, putting the council in a tough spot as it makes its decision. After public backlash, the council decided to postpone their decision and hosted a series of public meetings to educate residents on terms of the agreement. On Wednesday, the Phoenix City Council will make a highly anticipated decision on whether to partner with the Phoenix Suns on significant upgrades to Talking Stick Resort Arena.ĭetails of the deal were released to the public in December - less than a week before the council was supposed to vote on it. Watch Video: Phoenix weighs deal to renovate Suns' Talking Stick Resort ArenaĬorrections & Clarifications: An earlier version of this article included incorrect cost totals for work on the arena's event level and for the city's final debt payment.
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