In a "rare, sometimes candid" interview, Newark Sports
& Entertainment President Raymond Levy "explained some of
the details" of YankeeNets' plan to build an arena in the
city by 2004 for the Nets and Devils, including "why team
owners are confident it will succeed," according to Doug
Most of the Bergen RECORD. Levy said that one "challenge"
is to "convince" fans that the city is changing: "This isn't
your father's Newark." Plans call for the arena and three
office buildings to be built "within a five minute walk" of
Penn Station (see THE DAILY, 4/5). Levy also indicated $75M
is in "the ballpark" for what the organization is eyeing in
state aid and it "was unlikely" that YankeeNets would ask
for "as much as" the $150M in public money that "sources
close to the project have indicated." But Levy added that
the Devils and Nets "are seeking a one-time state
contribution, and no future annual subsidies." Levy also
said that taxpayers "will actually benefit in the long run
because a Newark arena would allow the state to raze"
Continental Airlines Arena, which is losing $2M per year,
and replace it with a shopping/entertainment complex "that
could prove more profitable." Levy stressed the "broader
social value" of the project: "It's about building up a
city. We're going to use the arena as a catalyst for
building up the largest city in New Jersey" (RECORD, 5/17).
