Giants get approval for new stadium

By Alex Guzman  |   Saturday, April 23, 2005  |  Comments( 0 )

New York Giants
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Commissioners of the New Jersey Sports and Exposition Authority voted in favor of a stadium for the New York Giants. State officials approved a new $750 million facility near the site of the existing Giants Stadium in the Meadowlands Sports Complex. The proposed stadium should be ready for the 2009 season.

Officials have said taxpayers will not shoulder any additional burden from the agreement. It calls for the team to pay the entire cost of construction and to manage the facility. In return, the Giants will keep all profits.

The Giants will pay $6.3 million a year to New Jersey in rent and taxes. The state is responsible for as much as $30 million in road work and still will be responsible for $124 million in debt that remains on the existing stadium.

The last obstacle to overcome before the stadium can be built is a lease agreement with the team, according to Authority chairman Carl Goldberg.
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