Another $30M?

When the building of the new Jets/Giants stadium was being debated, taxpayers were repeatedly assured that it would not cost them a dime. Soon they were saddled with costs for improved roadways leading to the stadium and other similar services. Now, the New Jersey Sports and Exposition Authority (NJSEA) has unanimously voted to have the taxpayers pay tens of millions of dollars to refinance the stadium debt. It turns out that tax-free bonds were initially used to finance the debt; however, now that the land upon which the stadium is being built is privately owned, the Internal Revenue Service requires that taxable bonds finance it. The NJSEA therefore voted to refinance the project using taxable bonds, which will add $20M-$30M to New Jersey’s state debt. This amount will eventually need to be paid by New Jersey taxpayers. The situation raises numerous questions that demand answers:

First, did the NJSEA vote to refinance the stadium before seeking other options? While NJSEA Board members reportedly stated they had no choice, did the NJSEA approach the Jets and Giants to request that they pick up the tab? If not, why not?

Second, why will New Jersey have to pay the bill instead of the Jets and Giants? Furthermore, since the teams demand to keep the moniker, “New York”, why should New Jersey and her taxpayers pick up the tab?

Third, which elected officials are responsible for this fiasco? When did they know of this situation and what did they do to prevent it?

Finally, why oh why are New Jersey taxpayers continuing to fund professional sports teams? These sports teams are raking in hundreds of millions of dollars while our State and her citizens are drowning in debt. If the Jets and Giants can afford tens of millions of dollars for less than successful players, surely they can cover a $30M tab to finance their elaborate new stadium, which will earn them millions more in the long-term.

It is time to end government sponsorship of professional sports in New Jersey and to recognize that such sponsorship is an abuse of the taxpayer that must not be tolerated. It is also time to hold accountable the elected and appointed officials who engineered yet another taxpayer-funded debacle.

Michael M. Shapiro, founder of ShapTalk.com, is an attorney who resides in New Providence, New Jersey. He currently serves as the Chairman of the New Providence Democratic Party and as Editor of The Alternative Press Contact Mike at mike@shaptalk.com