SBD/July 24, 2013/Facilities

New Legislation Allows Newark To Collect More On Prudential Center Events

Newark under the legislation will pay the Devils $2.7M per year for parking
New Jersey Gov. Chris Christie has "signed a crucial piece of legislation ... in the new revenue-sharing deal between Newark and the Prudential Center that will allow the city to collect more money on each arena event," according to David Giambusso of the Newark STAR-LEDGER. One of the "sticking points in the years of tortuous negotiations between the Devils and Newark was a ticket tax." State law mandated that taxes "collected by the city had to be" 5% of the ticket cost. The bill, "sponsored and lobbied for" by Assembly member Albert Coutinho, calls for a 1.37% tax and "allows the city to collect more revenue." The new legislation, sponsored by Sen. Teresa Ruiz, was "one of the last stumbling blocks in a deal that promises to end years of bitterness between" the Devils and the city over revenue sharing at the arena. The deal also "calls for construction of a new parking deck next to the municipal courthouse on Green Street, a shared $1.25 per ticket facility fee for concerts and non-tenant events, and an annual" $2.7M payment from the city to the Devils for parking (Newark STAR-LEDGER, 7/20).
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