SBD/Issue 236/Facilities & Venues
Pro Soccer Stadium At New Jersey’s Rowan Univ. Put On Hold
Published September 6, 2006
Rowan Univ. (RU) officials said that the $1B MLS stadium project at the school — “comprising the stadium, restaurants, stores and student housing — was put out of action” by the state of New Jersey’s “fiscal crunch,” according to Wendy Ruderman of the PHILADELPHIA INQUIRER. RU needed the state to borrow about $100M to pay for infrastructure, including roads, parking, water and sewer. Debt service on such a bond would have cost state taxpayers $6-8M a year for 30 years. Brendan Gilfillan, a spokesperson for New Jersey Gov. Jon Corzine, said that Corzine was “still reviewing [RU’s] stadium proposal and that the subject was not dead.” New Jersey state Senate President Richard Codey, who supports the project, said that he “expected to meet with Treasury officials and [RU] leaders to discuss the proposal this month.” But RU President Donald Farish said that he “was not banking on the state’s financial help,” stating that the project “would only move forward without financial help from New Jersey taxpayers.” Farish added that developer Milestone Investment Group, which missed a July 1 deadline to secure financing and submit a stadium plan to MLS, is “still interested in the project but was trying to determine whether the investment was still profitable” (PHILADELPHIA INQUIRER, 9/2).
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