Tuesday, June 16, 2009

So the story WAS front page on the print edition,and this afternoon,it was on the 2nd page of news on the website....
http://www.rrstar.com/homepage/x2122537195/Aldermen-will-see-MetroCentre-report-tonight

Guess they didn't think it a BIG enough story...
"...Aldermen would evaluate the MetroCentre’s situation as the three-year deal comes to a close. If the arena is in better financial shape, the City Council might ask it to pay some or all of its $486,000 share of the annual renovation debt payments.
Additionally, the city would give the MetroCentre $1.2 million for operations in 2010, with $800,000 to be delivered when the fiscal year begins, and the remainder delivered beginning in January. The operating subsidy would decrease to $1.1 million in 2011 and $1 million in 2012....The city also would extend a new $500,000 line of credit to the MetroCentre...The arena...has already spent its $1.2 million line of credit. The MetroCentre has two other outstanding debts to the city that also must be repaid: the $600,000 emergency loan made in April and a $456,000 no-interest city loan extended in 2007....The city would need to refinance debt to send more cash to the arena. This would involve deferring principal payments on bonds, sacking the city with an extra $6.8 million in debt service....."
It's ONLY MONEY!!!!!!!

OURS!

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