Yeah that's the top-line sales pitch. These are complicated deals and of course they're gonna shout a lot of rah-rah feel-good shit. But at the end of the day, billionaires are billionaires because they're good at getting other people to give them hundreds of millions of dollars every now and then.
The arena was to cost about $700 million and be privately funded in exchange for tax breaks and diversions in the $500 million range. All the hypothetical development around it--the Ferris Wheel and the Senior Center and the Bowling Alley Megachurch or whatever else they got an artist to render--was to be privately funded, were they to actually exist, and again, that's a sales tactic, not a blood oath.
This guy, a good writer with a bad site, is an excellent follower of arena funding debacles and breaks it down better than I could.
It's worth noting also that the consulting firm that the
Coyotes themselves recently hired to estimate the huge financial benefit this would provide to the city of Tempe actually estimated that those numbers would be, uh, negative.