I commented last year that it seemed to me like acting governor Richard Codey had a bit of a sports obsession. One of his first acts was to look at expanding racing at Monmouth Park, and he was also looking at building a soccer stadium in addition to his work on a new stadium for the football Giants.
Well, after long negotiations and several threats from the Giants to pack up and leave, the state of NJ reached an agreement with the Giants on a new stadium, details here. The Giants will pay the full cost of the new stadium, estimated at $750 million, to be built near the existing stadium. The state will pay to upgrade the roads around the stadium. The new stadium will seat 80,000, have double the number of luxury suites as the current stadium, and most importantly it will have more bathrooms. Except for about $6 million a year in rent to the state, the Giants will manage the stadium and keep all the money from events, like college football and concerts. And if the Jets new stadium in NYC falls through, the Giants would gladly invite them back to be second class citizens as the “other” team at Giants Stadium. Oops, it won’t be called Giants Stadium, the team will sell the naming rights.
Codey could have really earned some points with NJ residents if he had convinced the Giants to drop the “New York” from the team name and go by the more geographically correct “New Jersey Giants”. Even though it’s been the case for almost 30 years, it still burns me a bit when the the TV camera is focused on the 50 yard line at Giants Stadium, with a big NJ state outline drawn on the field, and the announcers say, “It’s a beautiful day in New York for a football game”.
The articles I’ve read don’t say anything about a dome, and if you’re going to spend $750 million for a stadium, you might as well kick in an extra few million for a retractable dome. A dome would allow the stadium to host big time college basketball events and maybe even a Super Bowl.
I never thought the Giants were serious about leaving, only because I didn’t see many other options for them in the NY-NJ metro area. But on the other hand, the Meadowlands would be a ghost town without a big time sports tenant. Codey is acting like this won’t cost the taxpayers anything, but that’s playing with the facts just a bit.
You can debate all you want about the economics of the deal. Many cities claim that new stadiums help revitalize the areas around the stadium and increase business revenue, like Camden Yards in Baltimore. You really can’t say that about the area around Giants Stadium. Unless you include the go-go bars in the area, I don’t think there’s that much spill over business from fans at Meadowlands events. The Giants will also get the land given to them (I think the state still owns it) and it appears that the state of NJ will get stuck with all or part of about $125 million in debt still owed on the original stadiium. Not too good when you’re denying $600 checks to middle class taxpayers for property tax relief.
A sticking point in the negotiations was plans for the new Xanadu mega entertainment-retail complex to be built in the Meadowlands which will include all types of shopping, theaters and restaurants. The Giants want the thing shut down on gamedays for traffic reasons, but I doubt any business wants to be shutdown for 10 or 12 weekend dates every fall and winter.