Bill Text: NJ AR12 | 2010-2011 | Regular Session | Introduced
Bill Title: Urges continued use of Continental Airlines Arena.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2010-01-12 - Introduced, Referred to Assembly Tourism and the Arts Committee [AR12 Detail]
Download: New_Jersey-2010-AR12-Introduced.html
STATE OF NEW JERSEY
214th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2010 SESSION
Sponsored by:
Assemblywoman CHARLOTTE VANDERVALK
District 39 (Bergen)
SYNOPSIS
Urges continued use of Continental Airlines Arena.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel
An Assembly Resolution urging the continued use of the Continental Airlines Arena in the Meadowlands Sports Complex even if the professional sports organizations fail to renew their leases in 2006 and 2007.
Whereas, The Continental Airlines Arena in the Meadowlands Sports Complex is host to an average of 200 entertainment events per year, including at least 80 home games of the New Jersey Nets professional basketball team and the New Jersey Devils professional hockey team; and
Whereas, The New Jersey Sports and Exposition Authority lost $8.2 million in 2003 on the leases with the New Jersey Nets and the New Jersey Devils organizations, but it generated $6 million in revenue that year on concerts and family events; and
Whereas, The leases for the New Jersey Nets and New Jersey Devils expire in 2006 and 2007, respectively, and there is some speculation that they might not be renewed; and
Whereas, If neither organization renews its lease, the New Jersey Sports and Exposition Authority estimated in 2004 that revenues will increase $8 to $10 million per year by scheduling other attractions on just half of the dates previously reserved for the Nets' and Devils' home games; and
Whereas, The New Jersey Sports and Exposition Authority anticipates attracting even more concerts and family events when the $1.3 billion Xanadu entertainment and retail development, centered around the Continental Airlines Arena, is expected to be completed in late 2007; and
Whereas, The proposed rail spur from New Jersey Transit's Pascack Valley Line to a new station in the Meadowlands Sports Complex will expand mass transportation options to the Arena, likely increasing event attendance, and funding for this project has been included in the 2004-2008 capital plan for the Port Authority of New York and New Jersey; now, therefore,
Be It Resolved by the General Assembly of the State of New Jersey:
1. This House urges the continued use of the Continental Airlines Arena in the Meadowlands Sports Complex even if the New Jersey Nets and the New Jersey Devils organizations fail to renew their leases in 2006 and 2007, respectively.
2. Duly authenticated copies of this resolution signed by the Speaker of the General Assembly and attested to by the Clerk thereof, shall be transmitted to the Governor and the President of the New Jersey Sports and Exposition Authority.
STATEMENT
This resolution calls for the continued use of the Continental Airlines Arena in the Meadowlands Sports Complex even if the New Jersey Nets and New Jersey Devils professional sports organizations do not renew their leases in 2006 and 2007, respectively. The New Jersey Sports Authority lost $8.2 million in 2003 on its leases with the Nets and the Devils organizations but generated $6 million in revenue from concerts and family events; thus despite the potential loss of these organizations as tenants, the New Jersey Sports Authority anticipated in 2004 an increase in revenue by $8 to $10 million a year by scheduling other events and attractions on just half of the dates previously reserved for home games. The Authority anticipates attracting more profit-generating events when the Xanadu entertainment and retail center is built around the Continental Airlines Arena. It also anticipates an increase in event attendance when more mass transportation options are made available through the construction of a rail spur from New Jersey Transit's Pascack Valley Line to the Meadowlands. Funding for the Meadowlands rail spur project has been included in the 2004-2008 capital budget for the Port Authority of New York and New Jersey.
