"If Rendell opens up the State purse strings as he has intimated an arena Plan B deal could come together quite quickly."
I could be wrong about this, but I believe the funding plan for Nationwide Arena in Columbus came together less than four weeks after a public funding for the building was voted down.
The week that this whole arena issue really broke - back when Lemieux made his initial "It might be too late" comments - Savran had Frank LaGrotta as a guest on his show.
http://www.legis.state.pa.us/cfdocs/leg ... tnumber=10
LaGrotta is a Democratic Rep. from Ellwood City who chairs the Tourism and Recreational Development Committee, and he outlined a financing plan very, very similar to the one that you mentioned. The $90M from the state is available, but in order to get it, they need to secure enough additional financing to demonstrate that the addition of the $90M would go towards the substantial completion of the project. If they get that funding, the $90M could be released, along with some bonds, to cover the balance of the funding needed.
It's a long way to October or November and a lot of stuff has yet to happen. Sometimes, things need to go right down to the eleventh hour to get people to move, and I'm not sure we're quite there yet.