NEW JERSEY GENERAL ASSEMBLY
For Release:
Immediate
February 13, 2004 | Contact:
Kat Madras
973-984-0922 - Office
201-919-1265 - Cell
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Proposed Newark Hockey Arena
(Questions & Concerns Taxpayers in Newark & All of New Jersey Deserve Answers To)
Assembly Republican Appropriations Officer Joe Pennacchio, R-Morris & Passaic, said
today that taxpayers in Newark as well as all New Jersey residents deserve answers to the
following questions and concerns about plans to build a new hockey arena in Newark.
- While senior citizens and homeowners are leaving the state due to high property taxes, how
can Newark Public Officials give $210 million dollars to rich franchise sports owners?
- Can a new hockey arena in Newark compete with the existing taxpayer paid arena in The
Meadowlands, only 12 miles away?
- Have Newark Public Officials done a feasibility study (engineering, transportation and
environmental) to determine if the proposed new hockey arena site is acceptable and what the
actual costs would be? The answer is NO 1
- The price tag for the previously proposed taxpayer funded arena was $355 million dollars.
Why would anyone believe that five years later, the current proposed hockey arena will cost only
$300 million dollars?
- Are New Jersey taxpayers going to be asked to pay for infrastructure improvements, including
but not limited to roadways & utility hook-ups?
- Current traffic patterns around the proposed site are extremely congested. Is the City of
Newark capable of handling the additional traffic when 18,000 fans want to drive at the hockey arena, all at the same time?
- Do Newark public officials really believe that a new hockey arena will attract hotel developers? If this were true than why hasn't it happened around Yankee Stadium in the South
Bronx?
- How can Newark Public Officials give away $210 million dollars to rich sports franchise
owners when the needs of their children are so overwhelming? WHERE ARE THEIR
PRIORITIES?
- The Devil's organization is rumored to be on shaky ground. How strong is their guarantee?
According to Bloomberg. com, Arthur Levitt (former Chairman of the Securities & Exchange
Commission) was recently hired by the National Hockey League to assess the league's economic
state. He stated, The National Hockey League's 30 teams LOST a combined $273 million last
year and are on a "treadmill to obscurity." Levitt continued, "As a banker, I wouldn't underwrite
any of these ventures, nor would I invest a dollar of my own money in a business that appears to
be headed south." What will happen if Newark Public Officials can not find a contractor to agree
to a $300 million dollar contract for the construction of a new hockey arena? Axe they going to
take the money out of their own pocket or are they going to ask for EVEN MORE state aid?
- Is it fair to ask ALL NEW JERSEY TAXPAYERS to subsidize the City of Newark to the
tune of $600 million dollars a year when their Public Officials give away $210 million dollars to
rich sports franchise owners? WHERE ARE THEIR PRIORITIES?
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