Codey Eliminates “Pay To Play” For New York Giants

Before you read this Newark Star-Ledger article, we’ll give you the Cliff Notes version of the stadium deal the NY Giants are offering New Jersey. If you find this deal to be unfavorable, you’d better act quickly and make your thoughts known to Acting Governor Codey. Codey is meeting today with the Giants and has told aides he wants to seal a deal by early next month so he can announce it in his Jan.11 State of the State address to the Legislature.

To add to the intrigue, a reliable source has informed us that Senator Corzine has struck a deal with Codey over next year’s Governor’s race. Codey will stay out of the race in return for being named head of the New Jersey Sports and Exposition Authority by a Governor Corzine.

Proposed Giants Stadium Deal

Giants Get:

• $700 Million to build a new stadium provided through tax-exempt bonds issued by New Jersey Sports and Exposition Authority
• 12 acres of state-owned land for the new stadium
• 30,000 surface parking spaces in and around the East Rutherford sports complex
• 90% of parking revenues
• Full control over all events held at the stadium
• All stadium revenue generated for all events
• Control over the companies that may advertise at the new stadium, Continental Airlines Arena and the Meadowlands Racetrack

New Jersey Gets:

• $700 million in debt but payments from the Giants against the dept
• $1 a year in rent
• Expense of constructing and maintaining a 30,000 space parking lot
• 10 % of parking fees
• The existing 76,000 seat Giants stadium adjacent to the new stadium – minus a tenant
• A football team that plays in New Jersey by the name of the New York Giants