NEWARK — Years of dispute over revenue sharing between Newark and the Prudential Arena were ruled on today with a decision by three arbitrators that leaves neither party with a big check, but undoubtedly favors the Devils in the long run.
The city, with the Newark Housing Authority acting as its developer, was awarded roughly $15 million in back rent, relocation expenses and fines. But The Devils were awarded $15.3 million in unpaid parking revenue, capital revenue and excess taxes. Both amounts are due in 30 days, barring further legal action, according to the decision.
In the future, the city will be obligated to pay $2.7 million a year to the Devils in parking revenue, practically neutralizing the average $3 million in annual rent payments to the city.