added 12:45pm, via Morgan tweets,

If Council approves amendments, city & team will reach settlement that will keep Coyotes at Gila River Arena for at least next 2 seasons.

Per terms of deal, Coyotes would collect all hockey-related revenue that previously went to COG (naming rights, tix surcharges, parking rev)

City would pay $6.5M a year to Coyotes to manage arena. Out-clause that was part of the original 15-year, $225M agreement would be removed.