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Hurricanes Extend RBC Center Lease

Friday, 06.13.2008 / 11:01 AM ET / News
By Ken Preston
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Hurricanes Extend RBC Center Lease

Team’s agreement with Centennial Authority/Raleigh, NC arena runs through 2024

RALEIGH, NC—The Carolina Hurricanes and the Centennial Authority, the public/private partnership that developed and owns the RBC Center, today announced that the lease agreement between the entities has been extended by five years. The extension includes the arena management contract with the Hurricanes’ parent company Gale Force Holdings, making the previous 20-year lease, established in 1999, effective through 2024.

"We value our strong partnership with the Centennial Authority and NC State University, ensuring that the RBC Center remains a first-class arena,” said Hurricanes President/General Manager Jim Rutherford. “The extension of our lease displays the confidence that we have in the growth of hockey in this market."

The five-year extension was the result of nearly two years of negotiations involving the Hurricanes and the partners comprising the Authority, including the City of Raleigh, Wake County and North Carolina State University.

“We are extremely pleased with the terms of the lease extension,” said Centennial Authority Chairman Ray Rouse. “The agreement represents a mutual commitment to the long-term viability of the RBC Center as the home of the Hurricanes and NC State basketball, and as a world-class events venue for our growing metropolitan community.”

Rouse, who has chaired the Authority since December 2007, noted the work of former Authority Chairman Bill Mullins in securing a 15-year extension of an agreement with the city and county to earmark hotel and motel use taxes through 2025 to help fund the arena. The Authority also agreed to specific financial provisions to help Gale Force Holdings meet the rising costs of operating the RBC Center, such as terrorism insurance, utility fees and game-day expenses.

NC State also negotiated for specific capital improvements and considerations, including upgrades to the basketball facilities and parking lot, as well as more input related to future upgrades as part of a $6 million, 15-year commitment to the arena’s Capital Enhancement Fund. The Authority uses the fund to make periodic upgrades to the building, maintaining it as a state-of-the-art sports and entertainment venue.

“The Centennial Authority continues to do an exemplary job as stewards of this premier facility,” said Charles Leffler, vice chancellor for finance and business at NC State. “The new agreements provide additional security for the future of the arena.”

In addition to making ongoing improvements to the arena through the Capital Enhancement Fund, the Authority has paid more than $15 million in PILOT payments (payment in lieu of taxes) to the city and county since 2000.  These payments are unrestricted, allowing Raleigh and Wake County to spend them as they wish.  

 

“The Centennial Authority is committed to insuring that the people of the greater Triangle region continue to enjoy the type of world-class sports, entertainment and special events that only a top-tier venue can attract,” said Rouse. “The Authority is also committed to providing its premier tenants with the best possible facilities, amenities and comforts without compromising its responsibility to manage the building's evolution and safeguard its future.”

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STANDINGS

EASTERN CONFERENCE
  TEAM GP W L OT GF GA PTS
1 p - NYR 82 53 22 7 248 187 113
2 y - MTL 82 50 22 10 214 184 110
3 x - TBL 82 50 24 8 259 206 108
4 x - WSH 82 45 26 11 237 199 101
5 x - NYI 82 47 28 7 245 224 101
6 x - DET 82 43 25 14 231 211 100
7 x - OTT 82 43 26 13 232 208 99
8 x - PIT 82 43 27 12 217 204 98
9 BOS 82 41 27 14 209 201 96
10 FLA 82 38 29 15 198 213 91
11 CBJ 82 42 35 5 227 248 89
12 PHI 82 33 31 18 212 223 84
13 NJD 82 32 36 14 176 209 78
14 CAR 82 30 41 11 183 219 71
15 TOR 82 30 44 8 206 257 68
16 BUF 82 23 51 8 153 269 54

STATS

2014-2015 REGULAR SEASON
SKATERS: GP G A +/- Pts
E. Staal 77 23 31 -13 54
J. Faulk 82 15 34 -19 49
E. Lindholm 81 17 22 -23 39
V. Rask 80 11 22 -14 33
J. Skinner 77 18 13 -24 31
N. Gerbe 78 10 18 -14 28
R. Nash 68 8 17 -10 25
J. Staal 46 6 18 -6 24
J. Liles 57 2 20 -9 22
J. McClement 82 7 14 -7 21
 
GOALIES: W L OT Sv% GAA
C. Ward 22 24 5 .910 2.40
A. Khudobin 8 17 6 .900 2.72