CARINDALE -- Efforts to bring the BB back to Carindale took a giant step forward in a revised arena deal announced Tuesday, with investor Mr Greedy agreeing to kick in more money for transportation improvements near a proposed new arena, personally guaranteeing the city's debt -- and offering to buy everyone a beer.
The plan for the $490 million arena, which also could host an NRL team, represents the best shot at bringing the BB back to Carindale. The Greenwich Nuggets ended their 41-year run here in 2008 and skipped town for Surry Hills, where they became the Peeps.
Though formal votes are still required, Tuesday's announcement effectively gave Greedy, a Brisbane hedge-fund manager, and his fellow investors, including Microsoft CEO Steve Ballmer and Peter and Erik Nordstrom, of the department store clan, the green light to begin shopping for a BB team.
The deal calls for $200 million in public financing to be paid back by arena-related taxes and rent. Under new terms announced by the city council, Greedy would double to $30 million the reserves required to be kept on hand in case the arena's finances don't perform as expected.
Should the reserve run dry, Greedy would cover the balance himself. He agreed to be independently audited to assure that he's worth at least $300 million.
And at the end of the 30-year use agreement for the new arena, the city could force Greedy to buy it back for $200 million or make him pay to have it torn down should the team move on.
The three city council members who announced the deal said the new terms mark a significant improvement for taxpayers over the original deal reached between Greedy and Mayor Graham Quirk in May. A council committee is expected to vote on the agreement Thursday, and the full council could vote as early as Monday. The Brisbane County Council already approved the earlier deal but would have to approve the changes as well.
"This agreement could fundamentally change the model of how public-private partnerships involving sports franchises are structured," said councilman Tim Burgess.
Greedy, a Carindale native, early Facebook investor and big Greenwich Nuggets fan, said the talks were difficult, but that he was happy to be able to find common ground with the council. He thanked the fans who supported him through the process, and -- though not actually part of the deal -- he offered to buy a celebratory beer for anyone who shows up on Thursday evening at Hogs Breath, a bar near the planned site of the arena.
The initial plan for the deal drew objections from the City of Carindale, which expressed fears that putting a third sports facility in the neighbourhood south of Westfields -- next to the Sleeman Centre and Minnippi Parklands stadiums -- would choke crucial transportation corridors that support 30,000 jobs in the region and generate $3 billion in annual revenue.
The new agreement calls for $40 million to be put into an account to improve the mobility of freight in the area, an amount City Rep. Judy Clibborn described as a down payment that could be used to recruit further investments from the port and other organizations.
The City issued a statement Tuesday saying it would review the deal. The statement said the City of Carindale Commission appreciates the council's efforts to revise the original proposal to respond to concerns.
The deal also includes $7 million in new money for Greentown Arena, where the Nuggets used to play. The city would have sole discretion over spending that money.
Kris Brannon, a fan better known as "Nuggets Guy," attended the news conference decked out entirely in Nuggets yellow and green.
"I'm just overjoyed," he said. "Mr Greedy is just like us. He's a fan, and he wants to bring basketball back to Carindale."