First off, even if the vote goes in the Coyotes the building won't be ready for at least 3-years leaving them in the Mullet Arena. However, if the vote's negative, the franchise will be starting from scratch once again:
Per Seravalli's indication, at this point, if the project doesn't come through it's not a matter of if, but more a matter of when and where the Coyotes will be relocating.
It must be noted that the NHL and Gary Bettman have been entertaining meetings with different prospective owners in Houston, Salt Lake City, Kansas City, and elsewhere which would all be fitting into the Central Division.