The Arizona Chamber of Commerce and Industry is throwing its weight behind a proposal to keep the Phoenix Suns in the Valley.
This follows Phoenix City Council members Wednesday delaying a vote on a $230 million renovation to Talking Stick Resort Arena, home to the Suns.
Chamber spokesman Garrick Taylor said his organization doesn’t want the arena to become a white elephant.
“Let’s keep in mind, the presence of that arena has resulted in a $182 million annual economic impact to the city and it’s actually one of the few city buildings that turn a profit.”
Under the current proposal, the City of Phoenix would provide $150 million in public tax dollars upfront for the renovation and the Suns’ organization would contribute $80 million.
This does not include an additional $2 million in annual funds the city would pay for 12 ½ years to cover revitalization needs in the future.
