The Suns are staying in Phoenix until 2037.
The Phoenix City Council has approved a $230 million arena rennovation deal with the Phoenix Suns that would allow the team to remain in the city through 2037, Jessica Boehm of the Arizona Republic reported on Wednesday.
According to Boehm, the city will pay $150 million from its Sports Facilities Fund, while the Suns will pay $80 million. The deal received a 6–2 vote from the council.
In accordance with the agreement, the Suns are required to spend $10 million on community benefits, including at least $2.6 million to the city's preschool program. The deal also requires that 80 percent of additional revenues generated by the city from the arena to go toward city public safety costs.
The deal guarantees that the Suns will remain committed to Phoenix until 2037 with the option to extend the lease to 2042. If the team leaves before 2037, it will face up to a $200 million fine.
The Sun's 30-year-old arena was the oldest in the NBA not currently being renovated.