Feb 26, 2013, 9:55 AM EDT
New Jersey Devils and City of Newark have reached a revenue-sharing arrangement for the Prudential Center, according to the Star-Ledger.
If the deal is approved by the city council, it would be the end of a lengthy and heated saga that involved Mayor Cory Booker calling Devils owner Jeff Vanderbeek “a highfalutin, high-class huckster and hustler.”
That statement came after arbitrators ruled that Newark had to pay the hockey franchise $2.7 million a year in parking revenue. The new agreement will reportedly continue that practice.
The city will also construct a new parking deck on Green Street, which is guaranteed to generate some income because the Devils have already committed to renting spaces.
This deal, if approved, also means that Newark will put a 1.37% tax on tickets for the Devils’ home games — as well as for any other tenant events. The state Legislature would need to sign off on the tax.
When everything is said and done, Newark could raise $50 million over the span of what’s believed to be at least a 25-year agreement.
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