But that may be too long for co-owner Ray Wooldridge and his investment partners to wait. They may look elsewhere for an arena site. Wooldridge maintains the team is losing $12 million a year playing in the small Coliseum with limited corporate skyboxes and other expensive amenities to sell.

Some council members could care less. They argue the city's priorities are too heavily weighted on sports rather than culture. Other council members are backing a proposal that would have the city construct the new arena and rent it to the Hornets under a 25-year lease. The estimated $220 million funding package would grow to $280 million if the city's plans include a minor league stadium and relocating the Mint Museum.

The city would use hotel-motel tax revenue and possibly raise the car-rental tax to pay for the arena and other new projects. To start the development ball rolling, however, the city needs a green light from the state on the referendum, the rental-car tax increase and having taxes on player salaries go toward the new arena's cost.