Malloy not budgeting to renovate XL Center

[krinklecut]

http://www.courant.com/real-estate/property-line/hc-xl-center-no-new-funding-20160201-story.html

 

[John]

In addition to the building alterations envisioned by CRDA and its consultant, the authority also has reached a long-term contract with UConn, a major tenant, that differs from the past and would go into effect should the XL Center get the radical makeover.

The contract would make UConn more of a partner than a tenant. The deal calls for the university to plan 30 games a year — men's and women's basketball and ice hockey — for 20 years. But instead of paying rent, as it does now, and keeping the majority of ticket revenue, UConn and the arena would share all the revenue — tickets, concessions, sponsorships and premium seating — with UConn no longer paying rent.

 

[Jaybo]

Pisses me off all these state of the art arenas going up and Hartford still has the XL center, I drive past the kfc yum center almost everyday and shake my head and wonder why it can't be done in Hartford.

 

[uchusky32]

We should start looking in other states. This has worked for many NFL teams in getting a new stadium. I'm sure Rhode Island would build us a stadium.

 

[Dove]

We should start looking in other states. This has worked for many NFL teams in getting a new stadium. I'm sure Rhode Island would build us a stadium.

Heh. Word on the street is UConn is talking to Harrisburg, PA.

And Malloy monitors away...

 

[CL82]

Pisses me off all these state of the art arenas going up and Hartford still has the XL center, I drive past the kfc yum center almost everyday and shake my head and wonder why it can't be done in Hartford.

Because Hartford lacks the money to do it and even Connecticut state legislators aren't foolish enough to make a deal that has so little chance of any ROI.

 

[intlzncster]

Pisses me off all these state of the art arenas going up and Hartford still has the XL center, I drive past the kfc yum center almost everyday and shake my head and wonder why it can't be done in Hartford.

Because Hartford lacks the money to do it and even Connecticut state legislators aren't foolish enough to make a deal that has so little chance of any ROI.

Yeah, they're dancing with the devil on that one.

http://insiderlouisville.com/lifest...e-paid-to-cover-kfc-yum-center-bond-payments/

The KFC Yum Center is a fantastic venue for sports and entertainment. It is also an albatross on the taxpayers of the city to the tune of a BILLION DOLLARS. The total damage was about $649 Million in taxpayer burden, with another $349 million in investor bonds (junk bonds per Standard and Poors as of 2013).

Denis Frankenberger published a 38-page analysis of the financial situation and had some not so subtle insight.

The Arena Task Force members and subsequently the Arena's Directors clearly had close links to the University of Louisville. In the end, the Arena Authority together with the University of Louisville Athletic Association crafted a lease with terms so over-burdensome, so skewed, so one-sided that any reasonable person, including those who were parties to the lease, knew or should have known that the Arena could not have succeeded financially under the onerous terms of the lease.

If you are not aware of the details, I suggest you read the analysis; it is amazingly one-sided toward the university. The biggest question regarding the arena is why would the University of Louisville set terms that are so overwhelming for the arena that financial failure is imminent?

Here is the rub, if the arena goes under; the University has first right of refusal to purchase the arena. If UL plays its cards right, it will have been able to essentially steal the Yum Center from the city with the unwitting help of its hard working taxpayers.

 

[methodology]

Pisses me off all these state of the art arenas going up and Hartford still has the XL center, I drive past the kfc yum center almost everyday and shake my head and wonder why it can't be done in Hartford.

Wasnt that one of the worst financial decisions the city of Lville ever made?

 

[Palatine]

Connecticut has to clean up its act. Passing huge tax increases and then increasing spending stop working a long time ago. They need to get their house in order, or the voters have to do it for them, before the state starts moving forward again.

 

[sledog]

The Dems drove the state into the mud, and now can't spend as they've re-discovered frugality - just in time for the coming election. Wonder if the P5s take notice.

 

[raf46]

http://www.courant.com/real-estate/property-line/hc-xl-center-no-new-funding-20160201-story.html

Premium seating? is that an added cost above a persons uconn club contribution. At some point, the cost of the basketball experience becomes too much.

 

[8893]

Thanks Obama.

 

[brasssbonanzaa]

MINOR LEAGUE BASEBAL THO

 

[uconnric]

Thanks Obama.

It's obviously Palin's fault.

 

[Jaybo]

Wasnt that one of the worst financial decisions the city of Lville ever made?

Hell no,the concerts alone every month draw tons of business downtown

 

[Jaybo]

That arena has drawn so much to the city that it wouldn't have attracted other wise.not to mention the new hotels,restaurants and reviving whiskey row among other things going on surrounding the yum center

 

[huskyharry]

The numbeority has to be increasing the capacity at the Rent by 10000 seats. It will still be much smaller than other P 5 stadiums, but at least it would show that UConn is committed

 

[jibsey]

It's obviously Palin's fault.

That would be Tina Fey.

 

[JSM1970]

And they also have Louisville Live, which is awesome, like Baltimore, KC. Louisville is a great business trip city, Hartford not so much.

Hell no,the concerts alone every month draw tons of business downtown

 

[UCweCONN]

Tell Malloy the XL Center is in Stamford and he'll support it. I puke every time I hear those Connecticut is business friendly radio spots. What a joke. What's that saying about telling a lie so big people will start to believe it?

 

[willie99]

I wouldn't put 1 penny into the HCC

new or nothing, and they should have made a basketball arena a much higher priority than a baseball stadium, but idiots are idiots for a reason, it's not an accident

what do you expect from people who think building a road for buses between New Britain and Hartford is a good idea?

next week, he'll tell us why GE won't leave the state, they're bluffing

 

[Jaybo]

And they also have Louisville Live, which is awesome, like Baltimore, KC. Louisville is a great business trip city, Hartford not so much.

4th street is awesome, not Nashville but nice to have close by,its even better around derby

 

[huskymedic]

next week, he'll tell us why GE won't leave the state, they're bluffing

or Aetna...

hartfordcourant 8:16pm via SocialFlow
Aetna's plans after merger leaves many in Connecticut nervous
http://www.courant.com/business/connecticut-insurance/hc-aetna-leaving-hartford-20160201-story.html

>>The pledge by the chief executive of Aetna Inc. that Louisville, Ky., will be the "only community" where the health insurer operates its government-related work is making some business advocates and elected officials nervous.<<

 

[gtcam]

Pisses me off all these state of the art arenas going up and Hartford still has the XL center, I drive past the kfc yum center almost everyday and shake my head and wonder why it can't be done in Hartford.

Because it is Hartford and it is Connecticut
Lets just put a roof over the baseball field and roll in a court
This state and Malloy suck

 

[Jaybo]

Because it is Hartford and it is Connecticut
Lets just put a roof over the baseball field and roll in a court
This state and Malloy suck

Agreed!