RinkAtlas has learned that the Bristol Pennsylvania Borough Council met in its regular council meeting last night and discussed the proposed sale of Grundy Ice Arena to Black Bear Sports Group, Inc. for $4 Million.
The discussion took place in the council meeting shown on YouTube below. (The discussion of the proposed deal begins 14 minutes and 40 seconds into the meeting.)
Bristol Borough Council President Ralph DiGiuseppe said, “I’d like to take a few minutes of everybody’s time to discuss what I think is one of the best deals that I’ve ever negotiated in town. I’ve been in contact with Murry Gunty who is the CEO of Black Bear Sports Group…. He came in to tour our ice rink last week… After extensive negotiations… we put together a deal that… I know is one of the best deals for the taxpayers of this town and for this council. We agreed in principle…. on a $4 million sale price. The agreement has no contingencies for anything…. They are willing to close by the end of August. All the employees will be retained…. They are accepting the property as is, which we know at the moment needs $100,000 in two items that need to be repaired.”
What stands out in this discussion is how the Bristol Borough Council members who were not party to the negotiations react when they learn how much of the Bristol Borough debt service will be eliminated if this transaction is completed. According to Council President DiGiuseppe, local property taxes may be cut as a result, and money may suddenly be available for other Recreation Department and small capital budget items.
It is somewhat difficult for members of the hockey community to understand the considerations involved in buying and selling an existing community-level hockey arena. But this is perhaps the most detailed explanation we have heard of those considerations.
This transaction has been completed. Bristol Borough Council voted to pay off the debt on Grundy Arena at their meeting on September 14.
How the Mainstream Media is Covering this Story
- Bristol Borough Sells Grundy Ice Rink for $4 Million, Bucks County Courier Times
- Bristol Selling Grundy Recreation Center, Levittown Now
How Other Hockey-Related Publications Cover this Story
- Black Bear LLC In Talks with Grundy Arena, YouthHockeyInfo.com