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Snag in GIANTS STADIUM dea?


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Snag in Giants Stadium deal? NOTICE: GIANTS STADIUM!!!!!!! 500 mil and it still is GIANTS STADIUM! Will WOODY ever learn?

THE ASSOCIATED PRESS

One of the details in the agreement between the Jets and the Giants for their new stadium at the Meadowlands wasn't publicized, and it has the mayor of East Rutherford crying foul.

Under the agreement, the Jets and Giants wouldn't pay additional property taxes on new development, about 520,000 square feet planned for restaurants, entertainment and retail space the teams are proposing to build south of the new stadium.

Jales Cassella, mayor of East Rutherford, a city less than 10 miles from Manhattan, says that's not fair and the teams should pay it.

"Why all of the sudden do the Jets and Giants not have to pay property taxes?" he asked.

Under the deal, the teams would pay a flat $1.3 million fee, similar to a property tax assessment, but 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 issue could jeopardize the stadium deal because the agreement says the PILOT fee must be agreed upon within 75 days of approval of the stadium's master plan, which is still months away.

And so far, no one has contacted East Rutherford.

Originally published on February 13, 2006

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Damnit all to hell...

from KFFL:

Jets | Snag hit in new stadium plans

Mon, 13 Feb 2006 05:33:11 -0800

The Associated Press reports one of the details in the agreement between the New York Jets and the New York Giants for their new stadium at the Meadowlands wasn't publicized and it has East Rutherford mayor Jales Cassella crying foul. Under the agreement, the two teams wouldn't pay additional property taxes on new development, about 520,000 square feet planned for restaurants, entertainment and retail space the teams are proposing to build south of the new stadium. Under the deal, the teams would pay a flat $1.3 million fee, similar to a property tax assessment, but called a Payment In Lieu Of Taxes or PILOT. Cassella said a more realistic figure for the PILOT would be $10 million to $15 million. The issue could jeopardize the stadium deal because the agreement says the PILOT fee must be agreed upon within 75 days of approval of the stadium's master plan, which is still months away, and no one has gotten an approval from East Rutherford.

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It doesn't. KJ is still pissed that the Manhattan disaster didn't get approved. I guess it matters which side of the river the stadium is on when he sees it on TV.

Besides, the state can change that situation. Since the Meadowlands itself does not pay East Rutherford taxes due to it being a part of a STATE OWNED complex. All the JETS/GIANTS would have to do is agree to pay a yearly levy to the NJSEA, just as Aramark & the Meadowlands flee market does in order to sell products outside the stadium.

It's just a case of semantics.

"You can't make an omlet without eggs & you can't get eggs until you buy the hen.'

It's just East Rutherford's move to get tax subsidies from the state...

Under the terms of the deal, the teams agreed to jointly finance the 81,000-seat stadium. The sports and exposition authority would retain ownership of the land, and the teams would pay rent of $5 million annually for the first 25 years.

Like other state entities, the sports authority does not pay property taxes for land it owns, and instead enters into PILOTs. Last year, the authority paid East Rutherford about $4.6 million for the Meadowlands complex, which also includes Continental Airlines Arena and the racetrack.

The Giants say the new PILOT payment was negotiated not just for the stadium but for its entire development on 75 acres.

"Our agreement with the state provides that the $1.3 million PILOT payment is for both the stadium and the ancillary development," said Pat Hanlon, a spokesman for the team.

THIS STADIUM IS A COMPLETE GO!:cheers:

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Snag in Giants Stadium deal? NOTICE: GIANTS STADIUM!!!!!!! 500 mil and it still is GIANTS STADIUM! Will WOODY ever learn?

It will not be called Giants Stadium. Each team will probably get deals from separate corporations for naming rights, and use a computerized mechanism to project the logo and name of the company for whichever team is playing. When the other team plays, they will just change the image. That's what they were talking about doing, and I assume that will eventually be what happens.

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stadium8ny.jpg

It's 11 miles from The Meadowlands to the farthest point in Manhattan, Battery Park.

This 'Where the Stadium is at' issue is really getting old.

Keep in mind that using a worst case scenario, NY (Manhattan) is 11 miles away at its farthest point. The new stadium in East Rutherford would still be closer then the Pontiac Silverdome where the Lions platyed for 25 years, which is 23 miles away from where Ford Field is now. Sorry but I look at the separation between NJ/NY like you all probably look at the separation between us in MI and Wisconsin. Same place separated by lines on a map

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It is not the same place separated by lines on a map. If the stadium was in Manhattan, then people on Brooklyn, Queens, Long Island and Jersey could all take a train to the stadium. With the stadium in Jersey, everybody in Brooklyn, Queens and Long Island need to cross 2 rivers by bridge or tunnel and sit in endless traffic to get there. That is the difference and you can only appreciate if you actually experience it every two weeks as I and countless others do.

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I don't really care where they play anymore...was totally for them playing on the Westside, but who gives a crap anymore. Organization is going to put the stadium wherever they can make money at and I'm inches away from getting season tickets...let them play in the Newark dump for all I care...just give me my damn seats! I did a total flip flop on this...kind of like the way I was a moderator on another board and they decided to flip flop me without even telling me...**** 'em!

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It will not be called Giants Stadium. Each team will probably get deals from separate corporations for naming rights, and use a computerized mechanism to project the logo and name of the company for whichever team is playing. When the other team plays, they will just change the image. That's what they were talking about doing, and I assume that will eventually be what happens.

The most idiotic post I've ever read on here...

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stadium8ny.jpg

It's 11 miles from The Meadowlands to the farthest point in Manhattan, Battery Park.

This 'Where the Stadium is at' issue is really getting old.

Keep in mind that using a worst case scenario, NY (Manhattan) is 11 miles away at its farthest point. The new stadium in East Rutherford would still be closer then the Pontiac Silverdome where the Lions platyed for 25 years, which is 23 miles away from where Ford Field is now. Sorry but I look at the separation between NJ/NY like you all probably look at the separation between us in MI and Wisconsin. Same place separated by lines on a map

Nobody cares what someone from Detriot thinks. You know nothing about New York City. Stick to 8 mile

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