Left In Lowell

I just read in the Sun that the Tsongas Arena was transferred from City ownership to the University. There is still some housekeeping legislation that is required but this is a done deal.

It has been a turbulent 10 years for the arena. So with a stroke of a pen, and thanks to the Commonwealth, the City removes about $400,000 deficit from its budget and a debt of $2.5 million.

So now the University owns two major entertainment-cultural venues in the City. I hope they have better luck with the Arena than we did. So expect that blue U Mass Lowell sign to be put it shortly.

UPDATE: (11/1/09) As waittilnextyr explained in the comment section, the media confusion may have been created by City Councilors who mixed up debt with deficit. So to recap, the City gets rid of the subsidy, the diffiulties of running the Arena, we maintain control of most of the parking and attached revenue, when the adjacent parcel is developed, it will generate taxes and produe economic activity, and of ourse, all this bolsters the University and enhances its connection to the City, especially the downtown.