By Darrell Jackson | The Glendale Star
Glendale City Council received an update on the costs and history of contracts for Camelback Ranch-Glendale at its Feb. 18 workshop, and the outlook for the city is grim.
Originally estimated to cost $76 million to build when the project was announced in 2007, the city eventually spent close to $152 million on the project. They took out subordinate bonds to build the stadium and after restructuring $200 million in debt in the last year, the city will now be on the hook for payments of $354,413,511.11 over the next 26 years to pay off the project.
Chase Field in Phoenix, home of the Arizona Diamondbacks, was built for $364 million in 1995.
Subordinate bonds are a class is an outstanding loan that, should the borrowing group or company fail or file bankruptcy, will be repaid after all other debt and loans have been settled.
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