|Posted on Wednesday, September 11, 2002 - 05:15 pm: |
News out the last couple of days is that Tom Hicks is trying to sell the Stars. What does this mean in terms of the city's exposure/investment in the new practice facility. I believe there were long-term leases between the city and southwest sports group. Would a new owner be obligated with those agreements? What are the chances the city will be left holding the bag, ala superdrome?
|Posted on Thursday, September 19, 2002 - 12:01 pm: |
This is an interesting question, what does this mean to the city? What is the risk?
Jason Gray, Interim ACM (Jason)
|Posted on Monday, September 23, 2002 - 10:45 am: |
Thanks for the question. Mr. Hicks' announcemnt that the Dallas Stars are on the market does not affect the City of Frisco's exposure/investment. The lease agreement for the StarsCenter is a 23 year lease which may be assigned to a new team owner, with the same obligations, in the event the team is sold. Additionally, the City's exposure is limited in that there is a $7,000,000 guarantee backed by a first lien on the real estate around the facilities in the event that the lease payments are not made.
Interim Assistant City Manager