A proposed $230m (€202m) renovation deal that would keep the Phoenix Suns at Talking Stick Resort Arena will go to a vote from the city council next Wednesday.
The Suns signed a 40-year lease in 1992 at the downtown arena but had an option of opting out after 30 years if the building was considered dated or obsolete.
The NBA itself has been concerned about the building’s viability when compared to more modern arenas throughout the league and has pushed the city for years to improve the facility.
Under the proposed agreement, taxpayers would pay $150m for infrastructure renovation, leaving the Suns to pay around $80m to upgrade amenities inside and any costs over the $230m mark. Renovations would take place between 2019 and 2021.
If the renovation plan is approved, the Suns will pay an increased rent and the current lease, which expires in 2032, would be extended until 2037, with an option to stay until 2042.