Our Point of ViewThe collapse last week of the New York Jets? bid to build a $2.2 billion football stadium in Manhattan was like a Super Bowl fumble. The dropped ball gives New Jersey a chance not only to keep the Jets but to buttress the economic foundation of the $750 million stadium the New York Giants plan to build in the Meadowlands.
The 80,000-seat facility that is to open in 2009 could double its attendance during the football season if the Jets were to become co-owners. This would produce more sales tax receipts for the state and an increase in stadium jobs and business for suppliers.
The new tax receipts would help offset subsidies that the state agreed to last April in its deal with the Giants. These include $30 million in infrastructure costs and the contribution of 40 acres of land.
A few months ago a deal between the Giants and the Sports Authority seemed in jeopardy and New York was basing its bid for the 2012 summer Olympics on the prospect of a Jets stadium. Now Acting Governor Richard Codey wants to bring the 2010 Super Bowl, which had been promised to New York, to the new Giants stadium.
Clearly evident last week was how closely the fortunes of New Jersey and New York are intertwined. Because the speaker of the New York Assembly vetoed the West Side Manhattan stadium, New Jersey finds itself with a chance to recover the fumble and score a resounding economic victory.
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