City Of Newark Strikes Long Awaited Deal With New Jersey Devils
By Alexandra Hill, WBGO News
February 26, 2013
After years of disputes, court battles, and arbitration, the city of Newark has finally struck a deal with the New Jersey Devils.
The deal passed in the city council by a vote of 7 to 1. It includes a surcharge on tickets for all events at the Prudential Center. Even though the city must still pay the Devils $2.7 million per year for parking revenue as ordered in last year’s arbitration, this new deal will allow the city to build a parking deck in which the team will rent space. City Councilman Anibal Ramos says it’s not perfect, but at least it will bring revenue to the city.
“This is actually going to offset the parking letter which basically positions the city to owe the Devils money every year which is crazy when the city invested over $200 million in the construction of this arena.”
City officials project that over the course of the team’s 25 year lease the deal could bring in a projected $50 million to the city.