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Article: New Jersey Sports Authority Having Visions of Xanadu.
- Article from:
- The Bond Buyer
- Article date:
- February 13, 2003
- Author:
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The New Jersey Sports and Exposition Authority yesterday selected Mills Corp. and Mack Cali Realty Corp. to redevelop the 20,000-seat Continental Airlines Arena and transform the Meadowlands -- home of the arena -- into a retail and entertainment utopia.
Under the ambitious plan valued at $1.3 billion, the developer would lease the facilities from the authority, allowing it to retire $150 million in debt and end state subsidies for the sports complex, which have totaled around $4 million annually in recent years.
"We're not borrowing money for this and no one else is giving it money from the state," said Jim Debosh, a Sports and Exposition Authority ...