PITTSBURGH -- A city-county board approved a $325 million
bond issue for a new arena and authorized a 30-year lease with the
Pittsburgh Penguins.
The agreement Thursday binds the team to the city for at least
30 years, although formal lease documents were still being
finalized, Sports & Exhibition Authority officials said.
The authority board also authorized extending the Penguins'
current lease at 46-year-old Mellon Arena, the oldest arena in the
National Hockey League. The extension gives the Penguins more
control over revenue at the building as its master tenant.
The bond issue is expected to cover the cost of the $290 million
arena, a possible parking garage and other related expenses.
The Penguins hope to move into the new arena during the
2009-2010 season.