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FOR IMMEDIATE RELEASE:
June 15, 2004

CONTACT:
Assemblyman Joe Pennacchio/973-984-0922
Assembly Republican Office/609-292-5339

PENNACHIO SAYS GOVENOR SHOULD LOOK FOR HOMELAND SECURITY FUNDS IN NEWARK PORT AUTHORITY NEEDS SECURITY UPGRADES, BUT INSTEAD AN ARENA PLAN MOVES FORWARD
Assembly Republican Appropriations Officer Joe Pennacchio today pointed out the irony that on the same day $200 million in bonds were sold - to be backed by funding from the Port Authority of New York and New Jersey - to pay for a Newark Arena, Governor McGreevey was highlighting the need for more federal funding for homeland security needs.

"The Port Authority gave the City of Newark a sweetheart lease deal to help fund a new arena while there are many concerns about the security of the entire port region," said Pennacchio, (R-Morris/Passaic). "This $200 million would have been better spent upgrading security on our bridges, tunnels and at Newark Airport than on a hockey arena in Newark."

Last year, the City of Newark reached a lease deal with the Port Authority for Newark Liberty International Airport. As part of that lease deal the city of Newark is receiving a $210 million payment to be used on a proposed new arena for the New Jersey Devils in Newark.

According to news reports the Newark housing authority had sold $200 million in bonds to be used for the construction of the new arena, with the borrowing to be paid off with the revenue from the Port Authority lease deal.

Another story quotes Governor McGreevey as lashing out at federal officials yesterday for not providing sufficient funding for homeland security needs in New Jersey.

"There is no higher priority than keeping our citizens safe," Pennacchio said. "The Governor should understand that the very security needs he is concerned about are going unaddressed not just because of what is happening with federal funds, but because of how the Port Authority and the city of Newark have chosen to spend their funding."

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