Plano (Texas, US) voters rejected Proposition A on November 3rd thus rejecting public financing for a proposed arena for the National Hockey League (NHL) team Dallas Stars and leaving the project’s future uncertain. But the vote doesn’t necessarily mean the project is dead.
Reassess Financial Options
‘nbcdfw.com’ stated that the Plano city officials said it plans to reassess the financial options and present them to the City Council. The question now is whether the development can move forward without the public financing the voters rejected.
The Dallas Stars are a professional ice hockey team based in Dallas (US). The Stars compete in the National Hockey League (NHL) as a member of the Central Division in the Western Conference.
The 19,323-seat American Airlines Center is a multipurpose indoor arena located in the Victory Park neighborhood in downtown Dallas, Texas (US). The arena serves as the home of the National Hockey League (NHL) team Dallas Stars.
Retaining Dallas Stars
‘nbcdfw.com’ further stated that meanwhile, the Dallas officials are already making it clear they want the Dallas Stars to stay.
The Dallas City Council members Adam Bazaldua and Paula Blackmon said in a statement that their city is ready to negotiate to keep the hockey team within the Dallas city limits.
Team’s Namesake
The Council members said in a statement, “Dallas is the team’s namesake and we believe Dallas is where they belong.”
What’s Next for the Proposed Dallas Stars Arena?
Financial Risk
Steven Haynes, an Associate Professor of Finance and Managerial Economics at the University of Texas at Dallas, said the election results signal the voters’ reluctance to take on financial risk for a private organization.
Scaling Back Development
Haynes said the Dallas Stars could explore other options, including securing the private investors or scaling back the development. But time could be running out.
Financial Instruments
Said Haynes, “So, there’s still a lot of financial instruments that can be pulled but the Stars organization has literally a couple of weeks to make this decision or they may be locked back into a long-term lease at their existing location.”
‘Thoughtful Reinvestment’
The Plano Mayor John Muns said the city is “committed to thoughtful reinvestment and responsible stewardship of the taxpayers’ dollars as we consider what comes next.”
Project Finance Zone
The Dallas Stars released the following statement on Proposition A: “While we are disappointed that the Proposition A did not pass, we are confident in the long-term vision for a city-owned arena project and the positive impact it will have on the city of Plano. As the Proposition A was a component of a broader financing strategy we look forward to continuing our partnership with the city of Plano as it pursues a project finance zone to be created by the Texas legislature. We remain committed to advancing this important project that will create jobs, attract new visitors and generate economic benefits for the Plano community for decades to come.”
Arena Opponents Celebrate Victory but keep their Signs
‘Victory for Residents’
For Karen Dubrow, chair of the Stop the Stars Arena PAC, the rejection of Proposition A marked a victory for the residents who opposed using public money to help finance the project.
Dubrow helped organize the political action committee that campaigned against public funding for the arena.
Stated Dubrow, “We were outspent by over $1 million and the citizens of Plano figured it out.”
‘Who should Pay for the Proposed Arena?’
She said the opposition was never about keeping the Dallas Stars out of Plano. Instead, it centered on who should pay for the proposed arena – “We don’t want it because we don’t think our money should be tied up for 41 years for something that’s not proven. Something that doesn’t prove it’s going to bring us back any money at all.”
Campaign Signs
And while the voters have decided on Proposition A, Dubrow isn’t throwing away the campaign signs that helped spread the PAC’s message.
Added Dubrow, “We can tape over Prop A.”
For now, she’s keeping the signs in case another issue arises.
Concluded Dubrow, “We’re keeping those in case we need those for a future issue.”
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