• by David Goetzl  @dgoetzl, August 22, 2013

It was jarring recently to hear that the New York City Council held a vote that could put in place a process that could force Madison Square Garden (MSG) to leave its mid-Manhattan location around 2024.

The vote to grant the Garden only a 10-year permit to stay where it is came as MSG is completing a $1 billion makeover of the iconic building.

Still, there would be many hurdles to clear before MSG would be forced to move, assuming a vote comes down next decade wanting it to do so. The CEO of the parent Madison Square Garden Co., Hank Ratner, indicated on an investor call this week that the company does not expect to have to vacate.

“It's critically important for everybody to understand that we own the land, and we own Madison Square Garden ... We've been at this site for 45 years," he explained. "It is the most iconic of all arenas throughout the world. It's created great memories for people, and we expect it will continue to do so. We're fine where we are right now, and we look forward to a long future here.”

MSG is home to the New York Knicks and Rangers and huge-grossing concert arena and starting this fall, a slew of high-profile corporate-sponsored showcases.

The refreshed MSG will include two bridges with Chase as a name sponsor and a Chase Square outside the building. There will also be a Budweiser Fan Deck and various clubs sponsored by J.P. Morgan, Delta and Foxwoods .