Newark, Devils Reach Revenue-Sharing Deal For Development Around Prudential Center
The Devils and the city of Newark have "hashed out a revenue-sharing deal surrounding the Prudential Center arena that, if approved by the City Council, could bring an end to years of legal battles," according to a front-page piece by David Giambusso of the Newark STAR-LEDGER. Sources said that per the deal, Newark will "build a parking deck next to its municipal courthouse on Green Street, and the Devils will rent a healthy share of spaces, guaranteeing income to the city." The sources added that Newark will pay $2.7M in "parking revenue to the team annually for other lots surrounding the arena, as mandated by arbitrators last year." The sources said that the city will impose a 1.37% tax "on all tickets for tenant events," including games played by the Devils, WNBA Liberty and Seton Hall Univ. They added that for non-tenant events, "such as concerts or conventions, the city will impose a $1.25 facility fee per ticket," and that fee will "go up after five years." Giambusso notes the deal "has been agreed to by all parties." All that remains is "for the council to approve the accord and for the state legislature to agree to the ticket tax." City council members were set to "take up the measure" today (Newark STAR-LEDGER, 2/26).