I hope you guys aren't getting jerked aqround again on this. Your team needs a place. Good luck and, if it falls through let us know when the riot is - we'll bring beer.
Nick Sakiewicz, AEG and officials from the town of Harrison, N.J., met last week in Los Angeles and plan to move ahead on building the 25,000-seat, $60 million stadium. The target for the opening is June 2005. The MetroStars hope to break ground in December. "Their (Harrison's) mettle was really tested when the state decided not to participate in our project," Sakiewicz said. "I would go to battle with the people of Harrison on any day of the week. They really stepped up." Sakiewicz said there were "five pretty significant legal documents that are being haggled over right now. ... We're pretty confident that there is about 60 days worth of legal work here." MAJOR kudos to Harrison for getting away from the cesspool of state politics and making this happen. As a corporate lawyer, I think the timetable sounds about right for negotiating documents when all parties are truly interested in closing a complex transaction. The five documents? Probably (i) a land-lease agreement, (ii) a city financing agreement, (iii) a county financing agreement, (iv) a revenue/profit-sharing agreement, and (v) an environmental clean-up/infrastructure assistance agreement. Anyone with a background in real estate law is welcome to shed additional light on my "guesstimate." In essence, I'm sure the parties are banking on the state getting around to passing the tax incentive package at some point in the future, before the 2005 opening, once the SSS is a "fait accompli." My $0.02...
This is GREAT news. I wonder if the end of the whole process will result in MORE money in St. Phil's poclet than what he would have gotten had the state acted back in November or December. Sachin
Background: The MetroStars stadium is back on track. The project took a major hit in December, when the New Jersey Senate tabled a proposal to authorize use of state funds for development. The planned MetroStars stadium is still only part of a redevelopment project in the town of Harrison. The first phase includes a half-million square feet of retail space, 500 housing lofts and apartment rental unites, two parking decks, and commercial office space. New Financing Plan: The project will now be financed by a combination of bonds floated by the Hudson County Improvement Authority and Harrison itself, and contributions from AEG, the MetroStars’ investor-operator. The MetroStars are still counting on state contributions to infrastructure improvements, including area sewer, water and electrical systems. Harrison will own the new stadium, with AEG serving as its operator. Demolition and site preparation are set to begin this summer, with groundbreaking no later than September. New Quote: "Sometimes in crisis, parties come together stronger, and I think that’s the case with Advance (Group, the developers), the town of Harrison and the MetroStars and AEG," MetroStars general manager Nick Sakiewicz said on Monday. "We all got a little stronger, our backs got a little firmer, and we got more resolve to get this thing done." Interesting, the one article says groundbreaking in December, the other one, September. Either way, demolition/site preparation will likely HAVE to start this summer... Notice also the difference between Harrison project and Carson -- AEG will NOT own the stadium in New Jersey. Different economics are in play...
I can assure you one of the documents is a bond indenture - even if it doesn't involve the MetroStars directly.
It doesn't matter if they own the stadium. What matters is whether they get a big chunk of revenue from its operations. As for the groundbreaking, I believe one article said the project - perhaps meaning the overall area project - while the other said the stadium (i.e. December).
'The MetroStars are putting together five significant legal documents concerning the project, Sakiewicz said. A formal announcement is expected in 60 days.' http://www.dailyrecord.com/sports/03/02/11/sports3-metrostars.htm I get the feeling I've heard this before.
We're such a fickle bunch!! Can you blame us?! Even if the stadiums gets built the saying 'an announcement in 30-90 days' will always have a special place in our hearts. It'll be like the old SNL joke: 'Newsflash...Gen. Francisco Franco is still dead!!'. We'll see
I will believe the Metrostars will have their own stadium when I will sit down to watch their first game there. We have been through this so many times already that it's impossible not to be even a little skeptical that this will all work.
I think that all this confirms is what most of us thought in November -- state funding is now officially dead. Everything beyond that is speculation until shovels go into the ground. And, MUFC - Juve will get their own grass field.
Exactly. I can't believe people think this an imminent done deal. See references to "announcement in 30-90 days" above. More Nick crap.
and they got twice that from home depot for naming rights.... how much do you think Lowes will pay for this one?
Oh...just get it at Lowe's. Their staff is friendlier. And the aisles are bigger too! I think its in Aisle 4 with the prebuilt sheds and lawn supplies.
The only thing preventing me from getting excited about this is that Nick's involved. Then again, AEG has a track record for getting things done and they own the team, so ok, I'm a little excited.
I'll believe it when I see a shovel hit the ground, and although I'm a Revs fan and hate you MetroSCUM, I hope this thing really comes through for your team. The Metros out of Giants Stadium will have a huge impact on the rest of the league's financial stability as well as giving the Metros a permanent home. I have a question though? Why would MLS want another team back in Giants Stadium if this Cosmos pipe dream ever even comes close to reality? Would there be some kind of tie in to a stadium in NYC? I think it would be great to have a Cosmos/Metros rivalry, but like this stadium, I'll believe it when I see it. Good luck, though!
It's good to see that AEG, Metro, and Harrison are going forward without any involvement from the state. This is a big shift, and represents a determination on the part of all parties to get this thing done. I hope they stay determined because there's sure to be more roadblocks. But even for the most jaded, this should be looked at as good news. As for the grass for the ManU-Juve match, is there any reason they couldn't install this temporary pitch in, say, March, and keep it there until the Jets and Giants preseason? 2/3 of a season with grass is better than nothin'. And does this raise the chances of Gold Cup matches at GS?