Mar 13, 2007 7:53 am US/Eastern
KDKA Sources: New Arena Deal Is Done
An official announcement is expected at a 5pm news conference at Mellon Arena -- just before the Pens take the ice against the Buffalo Sabres
by Bob Pompeani
PITTSBURGH (KDKA) ―
After all the uncertainty, and the back and forth discussion over whether the Pittsburgh Penguins would stay here or possibly leave town, the long wait appears to be over.
KDKA sources have confirmed that the new arena deal is done.
As KDKA's Bob Pompeani first reported on KDKA-TV News at 11:00pm, the city, the state and the Penguins have all come to an agreement over how to build and pay for a new arena.
And that means the Pens will stay right here in Pittsburgh.
The official announcement is expected before tonight's game against the Buffalo Sabres.
Last week's meeting lasted more than four hours and produced significant progress on the framework for a new multi-purpose arena. Some bigger stumbling blocks were finance rates on an extra $20 million added as a contingency to a proposed arena bond issue.
Sources tell Pompeani that the overall price tag will be higher than the original $290 million that was first discussed.
The Penguins have agreed to put up four million a year toward a new building. They also have agreed to put up $500,000 a year for a new parking garage in the arena complex.
While the recent appeals of the casino license awarded to Don Barden were of concern to the Penguins, Thursday's meeting in Philadelphia seemed to soften their concerns, and paved the way for this agreement, which will keep the Penguins in Pittsburgh for the foreseeable future.
There is still a meeting scheduled for this Wednesday to fully finish the deal.
Stay with KDKA for the latest developments on the Penguins' arena deal.
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