The Capital Region Development Authority’s board of directors, on Tuesday, agreed to move forward with a $145 million renovation of downtown Hartford’s XL Center arena, even as legal questions swirl around a venue ownership and management company that’s bearing $20 million of the cost. Under an agreement approved by the CRDA board, Los Angeles-based live venue developer and manager Oak View Group will contribute $20 million for extensive renovations and upgrades to the roughly 16,000-seat sports and entertainment venue. In return, OVG’s contract to manage the venue will be extended 20 years, and the company will keep the first $4 million in annual XL Center profits. The majority of the renovation funding will come from the state, which has agreed to pay up to $125 million in project costs.
https://www.hartfordbusiness.com/article/crda-board-signs-off-on-145m-xl-center-renovation-some-planned-upgrades-left-on-cutting