WyBlog

Newark hoses the taxpayers again

Earlier this week the NJ state legislature rushed through a bill to grant a $6 million property tax abatement to the Prudential Center, a hockey arena constructed in downtown Newark with taxpayer dollars. The purpose of this abatement was purportedly to offset the lease payments that the NJ Devils were supposed to make to the city as the primary tenants of the arena. The city emphasised that the annual lease payments could amount to far more than the annual property tax assessment.

Well, the other shoe dropped today. The Devils announced that according to their interpretation of the contract they not only do not owe any rent for this year, but the city of Newark owes them $800,000 in penalties for failing to complete the construction in a timely manner.

Newark officials were "shocked" to learn of these contract provisions. Huh? Mayor Cory Booker is an attorney and a Rhodes Scholar. He couldn't comprehend the terms of a lease agreement? Did he even bother to read it? He dumped $220 million taxpayer dollars into this arena, plus another $85 million on infrastructure upgrades. All while his schools continue to crumble, criminals run rampant, and the other sports venue in town (The Newark Bears and Eagles Stadium) is hemorrhaging money. During construction we were told not to worry, the new hockey arena would be a good investment for Newark and the people of New Jersey.

Instead, thanks to the ineptitude of the morons who run Newark, we are stuck with another bill. Somebody has to make up that $6 million. Any guesses as to who that will be?

Posted at 10:14 by Chris   [/rants]   | | Perm Link |