GLENDALE - Glendale leaders postponed talks Tuesday night to potentially use City Hall as collateral to take out a $30 million dollar loan to pay off sports-related debt.
Councilman Garry Sherwood of the Sahauro District asked council members to delay the vote until they had another workshop on the matter.
“I feel there is a lot that needs to come out in the workshop,” said Sherwood. “We simply haven’t had enough time with this.”
City spokeswoman Julie Frisoni said the council will discuss the issue further in a workshop when it reconvenes in August.
Council members are taking a break for the month of July.
Glendale City Council members are still debating the future of the Phoenix Coyotes, but before they make a decision, they will first have to decide if they should mortgage other buildings.
City officials are considering mortgaging City Hall, parts of a parking garage and another city-owned building as a way to raise $30 million.
Glendale needs that money to pay off the remaining balance of $50 million the city owes to the National Hockey League for running the Phoenix Coyotes for the last two years.
At the same time, city council members are also facing another financial decision in regards to the Phoenix Coyotes.
A private owner is considering buying the team, but Glendale would still have to pay around $15 million a year.
The council is expected to vote on a deal Tuesday, the day before the NHL’s deadline for a decision.
Otherwise, the hockey team could move to another city.
ABC 15 News contributed to this report.
nd $15 million a year.