August 20, 2004
Newark arena moves ahead
The New Jersey Devils' planned $310 million Newark arena took another step forward yesterday, as the 14-member commission analyzing the plan said "the economic benefit, tax benefit and revenue from the Devils represent a significant return on a $210 million [public] investment." Under the most recent lease plan, the city of Newark would be paying about $14 million a year in bond payments, and receiving between $4 million and $6.6 million a year in rent and arena revenues - much of the rest of the presumed benefits would come from an accompanying hotel and office complex, which as yet doesn't have a developer lined up.
"Has the work of the commission made the deal better? Yes," community activist Richard Cammarieri told the Newark Star-Ledger. "Has their work made it a good deal? No. There are still questions." Once finalized, the arena contract still needs to be approved by the city council.
