"It doesn't change anything," Tim Wright, a senior vice president with Ellman Cos., tells GlobeSt.com. "The city saw some advantages to, I hope, them and us in offering up an alternative in providing the construction financing."

Glendale is providing $180 million up front for the construction of the 17,500-seat arena at the southeast corner of Glendale Avenue and Loop 101. The original agreement with Coyotes' owner Steve Ellman called for the city to buy the arena after it was built. As with the original pact, Ellman will pay for any cost of the arena beyond the $180-million mark and will pay the city out of Coyotes' revenues if the complex's retail portion fails to generate the projected sales tax revenues.

The city's financial consultant says Glendale can obtain construction financing for 2% to 5% less than Ellman. That ultimately will save money. Under the new agreement, Ellman agrees to pay Glendale the difference between public and private financing costs of building the arena.