Giant Rip Off
The Giants football team will receive 75 acres of the most valuable real estate in the United States in return for the thrill of hosting traffic jams and an out of state football team. In addition, New Jersey taxpayers will be stuck with $117 million in debt.
Apparently our Acting Governor, Codey felt compelled to take over the negotiations after a barrage of newspaper editorials criticized the New Jersey Sports Authority for protecting the taxpayers and failing to "get the deal done." Remember this next time you read a newspaper editorial calling for higher taxes; these editors want to stick it to taxpayers at ever opportunity – even without the pretense of "helping the least amongst us".
We'll learn further details about the stadium deal tomorrow when Codey holds a press conference at 11 a.m. Be prepared to hear about all of the "good jobs" that will be created for the good people of New Jersey. Never let the money losing history of such projects and the facts get in the way. Be happy we'll have a great new football stadium. Oh, and Governor Codey will have a nice new job if Corzine is elected Governor.
Summary of the Associated Press report:
The New York Giants and the state of New Jersey have reached an agreement on a deal that will allow the NFL team to build a new $750 million stadium, the governo's office said Wednesday night. John K. Mara, the Giants chief operating office declined comment, saying he had made an agreement with Codey not to discuss the deal until the news conference on Thursday.
A source close to the negotiations told The Associated Press that the deal was for 40 years, but included several options that could extend it to 98 years. It also called for the Giants to receive 75 acres of Meadowlands property — the current stadium site is 28 acres — and gives the team all money earned through the sale of naming rights.
Codey had pushed for a deal over the objections of George Zoffinger, chief executive of the New Jersey Sports and Exposition Authority. Zoffinger said Tuesday that he will abide by Codey's wishes and "bring any deal the governor reaches to the board of the sports authority for a vote."
"The governor stepping in and taking over after a barrage of media articles in support of the Giants' proposal is what turned this deal around," said another source close to the negotiations, referring to newspaper editorials over the weekend criticizing the New Jersey Sports and Exposition Authority for failing to get the deal done.
Zoffinger said he still had concerns that the $6.3 million in annual payments the Giants are envisioned to make to the state would not cover the annual debt on the current stadium, putting the burden on state taxpayers.