NJ Stadium Deal Falling Apart???

Discussion in 'New York Jets' started by Buldawg, Mar 6, 2006.

  1. Buldawg

    Buldawg Member

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    Corzine speaks about breaking the deal today......

    Governor reviewing stadium deal

    By JANET FRANKSTON
    Associated Press Writer

    Newsday
    March 6, 2006, 4:46 PM EST


    NEWARK, N.J. -- Gov. Jon S. Corzine said Monday he is directing New Jersey's treasurer to review an agreement for a new football stadium at the Meadowlands for the New York Giants and New York Jets.

    Corzine said he is concerned about the financial terms of the deal, brokered by his predecessor, and about whether building a stadium without a roof limits its use.

    In a memorandum of understanding signed last September, the Giants and Jets agreed to jointly finance the $1 billion stadium, expected to open for the 2010 season and seat about 81,000.

    "I don't like breaking deals. On the other hand, a memorandum of understanding is not a contract," Corzine said. "We need to make sure the interests of the public are served as well as what I think is a worthy objective of having the Giants and the Jets here."

    The governor said he'd also like to see other uses for the stadium, such as political conventions or other sporting events, to generate extra revenue. Adding a dome would allow the additional functions, but could cost hundreds of million of dollars.

    "I'd love to see this be useful 365 days a year," Corzine said.

    Alice McGillion, a spokeswoman for New Meadowlands Stadium Corp., a company that represents the team owners, said the deal is good for New Jersey. She also said the possibility of putting a roof on the arena is not "a feasible additional investment for the owners."

    "Negotiations for the new Meadowlands stadium, which took over a year to complete, culminated in an agreement more favorable to the state of New Jersey and its taxpayers than any stadium deal ever done," she said.

    Corzine is raising questions about an agreement that former Gov. Richard Codey considered one of the victories of his short administration because it helped keep both teams in New Jersey. Corzine said he was not trying to second-guess Codey.

    "It's easy to look back with 20-20 hindsight," Corzine said. "I don't happen to think that's what I'm trying to do. What I want to do is make sure we're getting full economic value for the state."

    That's a sentiment echoed by George Zoffinger, chief executive of the New Jersey Sports & Exposition Authority, which now operates the stadium.

    "It sounds as if the governor is doing exactly what he should be doing and we'll try to give him all the information possible to help the treasurer and he reach a good decision for taxpayers," Zoffinger said. "My position has always been clear and consistent."

    The teams plan to jointly finance the new stadium. They would lease land at the Meadowlands from the authority for $5 million annually.

    In turn, the deal says the authority would pay $30 million for infrastructure such as utilities and sewers for the new stadium, and would continue to pay debt on the old venue, about $120 million. The authority would no longer receive 10 percent of gross ticket sales from games at the stadium.

    But the state would receive additional tax revenue from the deal because the Jets are moving their corporate headquarters to New Jersey.

    Carl Goldberg, chairman of the sports authority's board, called Corzine's statements "wholly appropriate."

    "We've understood from the onset of the Corzine administration that he was looking at both the positives and negative aspects of the transactions with the hope of making the deal the best it can possibly be for the citizens of the state of New Jersey," he said.

    Another critic of the deal is the mayor of East Rutherford, the borough where the stadium is located. James Cassella said he wants the teams to pay property taxes on new development they are proposing to build around the stadium, about 520,000 square feet for restaurants, entertainment and retail space.

    Under the agreement, the teams would pay a flat $1.3 million fee, which is based on the amount currently paid by the sports authority.

    Cassella says teams should pay more and said the borough is considering legal action to resolve the property tax issue.

    "We are sitting down with our attorneys to see what our options are and how we're going to proceed," he said Monday.

    ___

    Associated Press Writer Angela Delli Santi in New Brunswick contributed to this report.
     
  2. wildthing202

    wildthing202 Active Member

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    Is there a survey or are we going on people counted on the census? Not everyone in LI or Queens is a Jet fan. Get it thru your thick skulls, Queens will never be an option because the costs aren't worth it. The WSS may of cost $2 bil bu the profits would of recouped the money within 20 years along with the prestiege of being in the best area of NYC. The NJ stadium will get the Jets around $150-180 mil a year(pending actions) and will only cost them $750/900 mil(add-on costs, delay, roof) which allow them to recoup their money in 5/6 years. This is while the non-existant queens proposal would of cost the team $1 bil and would net them the same amount they are getting now due to lack of anything in the area. It would take 25 years just to turn a profit on the stadium. Think it's good PR to wreck a park just for a football stadium? Queens wouldn't be good for anyone except the "fans" who hate traveling but not enough to get rid of season tickets to support their team.
     
  3. Big Poppa Naich

    Big Poppa Naich Active Member

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    New York is New York. It is all the same people. The same people who rejected the Jets would have to approve them in Queens.
     
  4. Gator

    Gator Active Member

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    Well can I argue BOTH points now?..............Thanks

    1) Room and traffic? Sounds like an excuse, not a real reason. They got that park where all the dishwashers play soccer, near Shea. How about blowing up that eyesore 'Terrace on the Park'. How many people are going to miss that? There's plenty of places, and it's Sunday, so traffic isn't bad going. Coming home, traffic, but there's traffic anyway on Sunday night.

    2) More J E T S fans in NJ than on L.I.? I dunno, man. Everyone wears Jets apparel on L.I.. You see it all over the place. Jersey is still Giants territory.


    This is a horrible move. Does anyone question why there will be two teams that play in New Jersey, that practice in New Jersey, that will do their taxes and pay their bills in New Jersey, where most of the employees will live in New Jersey, and BOTH will still call themselves the NY whatevers. Yes, it says bad things about NY in that they can't get their act together, but it speaks worse for NJ that the two companies doing everything there don't want to be associated with it. I mean, North Jersey.......Tony Soprano may be reading so I don't want to say anything bad.....Nah, I will. It's a HELLHOLE. :)
     
  5. Big Poppa Naich

    Big Poppa Naich Active Member

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    Typical asshat egomaniac NY fan response, from someone who thinks his shit doesn't stink. Get over it, you lose.
     
  6. Gator

    Gator Active Member

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    First of all, I got 50 yard line seats right up front wherever they play. I win, OK?

    Second of all, I'm not sure why you have to make personal attacks. Must be something from your childhood where your parents were always yelling at you.
     
  7. Big Poppa Naich

    Big Poppa Naich Active Member

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    I have seats on the 35 yard line, row 22.

    You're the one who made a personal attack against my state. Don't talk shit if you can't take it too. And lay off the psychological analysis.
     
  8. Gator

    Gator Active Member

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    Personal attacks against your state? Is that possible? Is a person a state? Person-al. Get it?

    OK, sorry I attacked you state.
     
  9. Big Poppa Naich

    Big Poppa Naich Active Member

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    according to Bush, a corporation is a person, so a state should be too lol.
     
  10. Kentucky Jet

    Kentucky Jet Active Member

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    no problem! They will do it! They were ready to approve the QUEENS deal and that is why NJ gave the JEST an ultimatum! WOODY caved in and took the deal but SILVER and BRUNO will do the deal!
     
  11. Kentucky Jet

    Kentucky Jet Active Member

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    ROTFLMAO! I agree. Some of these get real old real quick!
     
  12. jets94nj

    jets94nj Active Member

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    take the roof and shove it..
     
  13. kinghenry89

    kinghenry89 New Member

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    Say what you want about Corzine as a politician/football fan but the guy definately knows economics.

    Bradley Abelow, the State Treasurer of New Jersey, has a daughter who I am friends with. I will ask if Corzine has it in for the project or not.
     
  14. Section 227. Row 5

    Section 227. Row 5 Active Member

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    First of all, "Corzine" always sounded to me like some sort of drug you'd take if you contracted genital herpes. It does sound like some sort of Merck product, no?

    Secondly, try to discreetly obtain the information for us while bearing in mind that we don't expect you to have to nail the state treasurer's daughter for us during the course of your undercover investigation. And by all means, should you contract genital herpes in the performance of your duties, get to your local pharmacist immediately for a Corzine prescription.
     
  15. ThunderbirdJet

    ThunderbirdJet New Member

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    The Giants will stay at their stadium, and the Jets will come back to NY. Maybe even revive the train yard talks. Maybe Queens. NJ would screw up a wet dream.
     
  16. CT. Jets Fan

    CT. Jets Fan New Member

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    Thats a great recap of the political realities of this project and explains clearly why this will, in the end, happen.
     
  17. CT. Jets Fan

    CT. Jets Fan New Member

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    Woody didn't move them to Jersey..Leon did.
     
  18. mr nyjet

    mr nyjet Well-Known Member

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    :beer: bingo! bottom line is nobody wants any part of queens. woody would be much better off in nassau, westchester, or anaheim.:up:
     

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