Jenkins needs the money to fulfill his part of the deal with thecity. The city has said it will not move forward without the money.If the rights are sold, the city would sell tax exempt bonds toPiper Jaffray to finance the project. Piper Jaffray would thenresell the bonds.
The entire project, if built, would include the sports arena, a28,000-sf convention center and a 174-room hotel. The buildingswould fill four blocks south of Esther Short Park.
Site work was expected to begin this fall, but was delayed untilnext spring to allow time for the sale of the naming rights andother preparation. The goal of opening in October 2003, thoughstill possible, no longer appears probable.
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