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PRESCOTT VALLEY, AZ-After more than a year of consideration, Prescott Valley Town Council has approved the development of a 142,000-sf convention and events center in its 20-acre entertainment district. The $31-million, 5,000-seat center will house a new Central Hockey League franchise.
Construction will begin in July so the center can be on line in time to host hockey games by November 2006. The center is being developed through a public/private partnership, teaming Global Entertainment Corp., Fain Signature Group and the town of Prescott Valley.
Rudy Miller of the Phoenix-based Miller Group, which is an investor in Global Entertainment, says the facility will on three acres, which is Fain Signature Group's contribution to the partnership. The Fain family is one of the founding families of Prescott Valley. The town will kick in part of the sales tax revenue from the entertainment district as its contribution.
Miller tells GlobeSt.com that Global Entertainment originally pursued a convention and events center in nearby Prescott, which was the state's first capital. Santa Monica, CA-based Macerich Co. had even offered to donate a sizable piece of land for the development. "Prescott had the opportunity first and chose not to go forward with it so Prescott Valley picked up the gauntlet," he says. "So the suburb of Prescott Valley will now attract about 200,000 from the surrounding areas." Prescott Valley is located approximately 110 miles north of metropolitan Phoenix.
According to Miller, the center will have a $27-million to $30-million annual economic impact. "But, a similar center is a comparable market in Colorado ended up having an impact of $91 million a year," he points out.
International Coliseums Co., the development arm of Global Entertainment, will handle project design and construction. The center is Global Entertainment's first project in its home state. It's eyeing development of two other projects in Arizona and is under way on facilities in Texas, Ohio and New Mexico.
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