no, newark HOPED to get $7MM in parking revenue after guaranteeing the devils $2.7MM. They haven't gotten $10MM in parking revenue so they're making next to nothing on parking.
No, the arbitrators ruled that the original lease letter is valid. The city will still pull in a lot of coin from parking.
"In 2005, James’ business administrator Richard Monteilh and Vanderbeek signed a 'parking letter' separate from the original lease agreement. The letter guarantees the Devils $2.7 million of an estimated $10 million in parking revenue generated by the arena each year."
"The city will still take much of the parking revenue from around the arena, as well as payroll taxes from players and hotel taxes."
Cory Booker is ripping Jeff Vanderbeek pretty hard right now. He's calling him a liar. Just called him a "high class huckster and hustler"
If this is true then wow, Booker needs to settle down. JVB hasnt done anything wrong. If the City of Newark doesnt know how to omptimize their financial deals then thats their problem.
'South Ward Councilman Ras Baraka said the arbitrators sided with a corporation over Newark residents.'
Give me a break! The court of law says corporations have no rights? Please...
Edited by devlman, 04 April 2012 - 12:09 PM.