Dappleganger said:
https://www.azcentral.com/story/opinion/op-ed/philboas/2023/05/17/why-tempe-vote-arizona-coyotes-failed-miserably/70227759007/
This was the beginning of the end. Less than a year later the team is moving to Utah. The Tempe site and proposal was great in my opinion and was going to be funded entirely with private money. Citizens voted no.
Leaving aside that this "private money" included the city spending 200 million on infrastructure upgrades to accommodate the building and 700 million in tax relief there was still the reality that this group, whose financing was always dubious, wanted the city on the hook for a pretty significant portion of the debt they'd be taking on in order to build the "entertainment district". If the project fell apart, the city would be on the hook for hundreds of millions of dollars. These projects always, after independent analysis, are found to exaggerate the economic benefits.
I mean, think of it this way, if this project was this entirely privately funded enterprise which made a ton of economic sense without risk or cost to the city...why involve the city at all? Why not just build the thing?