From GlobeSt.com's enews 3/14/2007
Penguins Sign 30-Year, $290M Arena Deal
By Marita Thomas
"PITTSBURGH-Long-sought plans to keep the Pittsburgh Penguins hockey team here after the team’s lease at Mellon Arena expires this June have reached fruition. The deal calls for construction of a new arena along Centre and Fifth avenues, across from the existing one, at an estimated cost of $290 million. It is expected to open in time for the 2009-2010 season.
....
The Sports & Exhibition Authority, a joint Pittsburgh and Allegheny County agency, will own the arena, and the Penguins will operate it under a 29.5-year lease that begins when it opens. The team will pay SEA $4.2 million a year for 30 years, which includes $600,000 from parking lot revenues. It will seek to offset costs by obtaining naming rights.
.....
Don Barden, the Detroit owner of Majestic Star Casino LLC, which has obtained Pittsburgh’s sole gaming license, has agreed to pay $7.5 million a year. Another $7.5 million a year will come from the State Gaming Tourism and Economic Development Fund. " ...
for the complete story see: http://www.globest.com/news/862_862/pittsburgh/158862-1.html
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