"Knowledge will forever govern ignorance

 and a people who mean to be their own governors

 must arm themselves with the power which knowledge gives."

Tuesday, February 14, 2006

A Giant Property Tax Break

James Cassella, Mayor of East Rutherford: "Why all of the sudden do the Jets and Giants not have to pay property taxes? How can they legitimately say all this retail can be built without somebody having to pay property taxes, just like everyone else in East Rutherford, and for that matter, everywhere else in the state of New Jersey?"

It’s not really all of a sudden. We noted back in April the stadium deal called for the team’s property taxes to be frozen for an additional 25 years. We also said nearly a year ago, that if the teams “were taxed at the same rate as our property, the New York football teams would be paying well over $12 million a year in property taxes”.

Under the deal, the teams would pay a flat $1.3 million fee, similar to a property tax assessment, called a Payment In Lieu Of Taxes or PILOT. The $1.3 million figure is based on the amount currently paid by the New Jersey Sports and Exposition Authority.

But Cassella says taking into consideration the much-enhanced new stadium and its related development, a more realistic figure for the PILOT would be $10 million to $15 million.
The Mayor is right, why do New York football teams get a break on their property taxes? It’s just a shame it took Cassella a year longer than us to figure it out. The again, we are in the habit of looking out for New Jersey’s taxpayers. It’s too bad the majority of the state’s politicians could care less about those paying the bills – we’re just taxpayers.

Property tax breaks on top of paying off the debt on the old stadium to the tune of $115 to $120 million and ten of millions more in infrastructure upgrades, all at taxpayers expense. Cheaper rent on the land than the teams presently pay, less revenue for the state…. There’s nothing in this deal for New Jersey besides debt and the thrill of hosting two New York football teams.

Kill the deal Governor Corzine, there’s still time.


At 1:09 AM, Blogger njgalaxie73 said...

The question that begs to be asked is, what's wrong with Giants Stadium that all of a sudden it isn't good enough!? It's not like this stadium is a dinosaur by any means. Despite all of the state of the art facilities being built, it is still a very nice and well maintained facility.

It all comes down to luxury boxes. Even spending all of that money expanding the stadium with new luxury boxes in the mid 90's wasn't good enough.

New Jersey taxpayers do not have the luxury of financing a new stadium because the old one dosen't have enough luxury boxes.

As a Jet fan I hope this deal gets nixed so we can get back to work on getting a place of our own so we don't have to share with the Giants anymore! They belong back in New York anyway!

At 3:41 PM, Blogger lawhawk said...

Gov. Corzine is still too busy trying to figure out how to keep the Transportation Trust Fund afloat without raising taxes, despite the fact that refinancing will cost taxpayers more. Fund debt would increase to $11 billion under his plan.

Oh, and this refinancing might even be prohibited by caselaw that came down last year that bars using refinancing proceeds to pay operating expenses.

At 4:46 AM, Anonymous Jim - PRS said...

Perhaps the Mayor, "all of a sudden", awakened from his coma. Try putting a delicatessen in a town without every town official and the mayor knowing all about it.

At 6:09 PM, Blogger nightfly said...

I ran a post on this, many a moon ago... My take. Since it's almost 10 months old, some of my data may be out of date, but at the time it struck me as a less lousy deal than most of the others I'd seen.

At 7:08 PM, Anonymous Michael said...

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