The proposed renovation "will include significant fix and replacement of mechanical, electrical and plumbing infrastructure" for the arena, which the Suns have called home since the 1992-93 National Basketball Association season. Most team owners would respond to this by doing some groundwork, talking to council members, and selling a city on why they need to upgrade the arena.
The team is now in the 26th year of a 40-year lease in their current building, but Sarver has the option to move the team as early as 2022 "if the building is considered obsolete".
Sarver, 57, purchased the Suns for $401 million in 2004.
The Suns have attempted to get the city council to consider a renovation in the past, but this is the first time the council has seriously considered a proposal. The NHL recently awarded Seattle an expansion team, which will start play in the 2020-21 season, two years after the league did the same for Las Vegas, whose Golden Knights made a stunning inaugural-season run to the Stanley Cup finals this year.
The city council was slated to vote on a $230 million renovation package Wednesday, but serious backlash from the community is leading to the vote being pushed back - likely to January 23.
Sarver wants $150 million in public money to go with his $80 million to renovate luxury boxes and other arena areas between 2019 and 2021.
Although city leaders have been talking with the Suns for about three years, negotiations have taken place behind closed doors in executive session.
Interim Mayor Thelda Williams, as well as council members Laura Pastor and Debra Stark, will submit a letter to City Manager Ed Zuercher requesting that the council postpone the vote.
"Our priority remains being in downtown Phoenix long term, and we are excited about the opportunity that lies ahead".
The Suns would be expected to build and pay for an off-site practice facility, which would allow more space in the arena.