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July 14, 2008
Newark watching the finances as arena finishes its emergency system
The Newark Star-Ledger
by Maura McDermott
Next month, the Newark Downtown Core Redevelopment Corp. will launch a national search for a firm specializing in financial performance and maintenance of arenas, said William Crawley, the agency's chief operating officer. The agency oversaw construction of the arena and now must make sure it lives up to its promises.
The goal is to make sure the Devils pay the city what they owe, maintain the arena properly and stay competitive, Crawley said.
...Hiring an expert to analyze the arena's performance is a wise decision, said Howard Bloom, publisher of SportsBusinessNews.com.
"It's the responsible thing to do to make sure the taxpayers get as much of a return on their investment," Bloom said. "It's a matter of checks and balances."
The agency also aims to have the management firm measure how the venue stacks up against its competitors, Crawley said.
...The trouble would come if the Nets build their planned arena in Brooklyn, adding to the competition from the Izod Center in the Meadowlands and other nearby venues, Bloom said.
New Jersey officials have sought to attract the Nets to Newark, but owner Bruce Ratner insists he will break ground on a Brooklyn arena by the end of the year.
NoLandGrab: Should Bruce Ratner actually succeed in building Atlantic Yards, close monitoring of the revenue due taxpayers would certainly be wise. But if history is any guide, his elected and appointed enablers in City government would likely just take his word for it.
Posted by eric at July 14, 2008 10:50 AM