Excel Legacy Announces Successful Los Arcos Vote.SAN DIEGO--(BUSINESS WIRE)--Nov. 3, 1999-- Excel Legacy Corp. (Legacy) (AMEX AMEX See: American Stock Exchange :XLG XLG Extra Large XLG Export Lead Growth ) announced today that voters in the cities of Scottsdale, Fountain Hills and Guadalupe, Arizona yesterday, Nov. 2, 1999, approved the use of up to half of the state sales tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. revenues generated at the district's Los Arcos Multipurpose facilities site for up to 10 years. Their approval of the Los Arcos Multipurpose facilities financing package paves the way for the financing of the public improvements to the project. This vote follows a successful public vote on May 18, 1999 in favor of the formation of a stadium district centered at the site of the existing Los Arcos Mall Los Arcos Mall is a defunct shopping mall which was located on the southeast corner of Scottsdale and McDowell Roads in Scottsdale, Arizona. It is slated to become the home of SkySong, Arizona State University's Scottsdale Center for New Technology and Innovation, which is in Scottsdale, Ariz. This is a major step in the Los Arcos redevelopment project, which includes an 18,000 seat multipurpose arena for the National Hockey League National Hockey League (NHL) Organization of professional North American ice-hockey teams. The league was formed in 1917 by five Canadian teams; the first U.S. team, the Boston Bruins, was added in 1924. It today consists of 30 teams in two conferences and six divisions. Coyotes, a convention center, movie theaters, a 500-room hotel, office, restaurants, and shops. The sports and entertainment project is located at one of Arizona's busiest corners, Scottsdale Road and McDowell Road. Approximately 2 million square feet of development is planned, including approximately 1 million square feet of retail. "We were delighted by the vote of confidence from the cities involved," stated Gary B. Sabin Sa·bin , Albert Bruce 1906-1993. American microbiologist and physician who developed a live-virus vaccine against polio (1957), replacing the killed-virus vaccine invented by Jonas Salk. , chief executive officer and president of Excel Legacy Corp. "Our joint venture partner, the Ellman Companies did a superb job in communicating the issues and opportunities of this project to the community." Excel Legacy's philosophy is to pursue signature projects that have unique locations, concepts and/or entry barriers. Excel Legacy is a public real estate company organized to create value through the acquisition, development and management of real property and real estate-related operating companies. Many of the projects are singularly unique with respect to the project and the inherent barriers to entry by competition. Certain statements in this release that are not historical fact may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results of the company to differ materially from historical results or from any results expressed or implied by such forward-looking statements, including without limitation: national and local economic conditions; the competitive environment in which the company operates; financing risks; property management risks; acquisition and development risks; potential environmental and other liabilities other liabilities Small and relatively insignificant liabilities. For financial reporting purposes, firms often combine small liabilities into this single category rather than listing each liability separately. ; and other factors affecting the real estate industry generally. The company refers you to the documents filed by the company from time to time with the Securities and Exchange Commission, specifically the section titled "Certain Cautionary Statements" in the company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended July 31, 1998, which discuss these and other factors that could adversely affect the company's results. |
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