Giants, N.J. Reach Agreement on Stadium

skins81 · Post by **skins81** » Thu Apr 14, 2005 1:50 pm

The New York Giants reached an agreement Wednesday with the state of New Jersey that will allow the NFL team to build a new $750 million stadium in the Meadowlands.

Mara said if a deal could be struck quickly there was a slight chance the new stadium could be ready for the 2008 season.

Giants STadium is a dump. They need a new stadium.

CLICK HERE for the AP story

Alcatraz · Post by **Alcatraz** » Fri Apr 15, 2005 1:36 pm

Well it is in Jersey and Jersey is one dirty a$$ state on a side note

WOO NEW STADIUM
GO JETS, GO GIANTS

Primetime42 · Post by **Primetime42** » Fri Apr 15, 2005 1:40 pm

That red avatar is hideous

General Failure · Post by **General Failure** » Fri Apr 15, 2005 1:58 pm

Said the man with the awful blue star.

Primetime42 · Post by **Primetime42** » Fri Apr 15, 2005 2:12 pm

Don't even get me started with the "Lincoln/Jesus Hulk" thing.

Alcatraz · Post by **Alcatraz** » Fri Apr 15, 2005 5:49 pm

Eventually I will switch it back to the Jets....I'm to lazy to do it now

General Failure · Post by **General Failure** » Sat Apr 16, 2005 4:20 am

I always wondered why they have that funny arm on the J in that logo.

welch · Post by **welch** » Mon Apr 18, 2005 3:47 am

Bad news for the state of NJ. Bad move by acting governor Codey, unless the Mara family intends to give team to the state, or unless we have suspended capitalism whenever a sports team is involved.

Giants STadium is a dump. They need a new stadium.

No. Giants Stadium is built on a dump, but that is another matter.

But if the Giants want a new stadium, why don't they buy the land and build it?

Why spend state money on luxuries rather than on things the state needs?

skins81 · Post by **skins81** » Mon Apr 18, 2005 11:12 am

welch wrote:But if the Giants want a new stadium, why don't they buy the land and build it?

Why spend state money on luxuries rather than on things the state needs?

I'm not sure that was an option.

The Giants were/are not happy with the State of NJ. Xanadu is a retail and entertainment center being built at the meadowlands, and the team was lobbying to have this future complex shut down on game days for fear of traffic concerns. They couldn't reach an agreement and on April 5 the team filed a lawsuit both to force NJ to make improvements on the existing Giants Stadium and block construction on this new Xanadu complex, stating their current lease gives them the right to sign off on all new construction at the meadowlands.

According to the new stadium agreement

The Giants will pay:
$750 million for the new stadium
5 million a year in rent for the land
1.3 million annually in payments in lieu of taxes

New Jersey will pay:
up to $30 million in infrastructure improvements on the 75-acre site
$124 million in debt that remains on Giants Stadium, which will be demolished.

From NJ's side:
they will receive the guaranteed income outlined above
they will remain the rightful owners of the land
hopefully they will make the injunction go away allowing the new construction to continue on a massive retail complex
they will get one third of the money awarded in the naming rights of the new stadium (approx 12Million deal)

The new deal will theoretically keep the Giants at the Meadowlands for the next 40 years (with an option to extend that another 58 years).

The Giants still have not dropped the injunction against the developers of Xanadu. That hearing is scheduled for April 29th.

skins81 · Post by **skins81** » Mon Apr 18, 2005 11:30 am

Actually, it looks like the state will only get money from the naming rights if the Jets stay, and it would be capped at 3 mil. If the Jets get their own stadium, NJ will get nome of the money from the naming rights of the new stadium.

I still think it works out for the state. They were going to be forced to make improvements on Giants Stadium. There was talk of a retractable roof, etc. it was probably going to be around 100-150 million. I figure it's close to a wash. They don't have to make improvements on the one hand, but they accept the debt from the old stadium of 124 mil on the other. Plus they make nice and hope the injunction goes away. Either way the State was going to come out of pocket.

SkinsJock · Post by **SkinsJock** » Fri Apr 22, 2005 3:06 pm

Well, now that it's official can we get the names straight? It is the New Jersey Giants and New York Jets. Both states deserve their "own" NFL team.

(Buffalo is in Buffalo and nobody in Canada OR NY wants to claim that as a "local" team)

Congratulations to everyone involved!

Alcatraz · Post by **Alcatraz** » Fri Apr 22, 2005 5:54 pm

New Jersey Giants.....I will have to get used to calling them that