American Dream Mall project more than just a White Elephant and complements sports neighbors
By Kathleen A. Donovan Bergen County Executive and John D. Mitchell Chairman of the Bergen County Board of Chosen Freeholders
October 25,2012
The Record
WOODY JOHNSON, Steve Tisch and John Mara have an obligation to fans of the New York Jets and New York Giants to put a winning football team on the field. We have an obligation to the people of New Jersey to promote economic development in Bergen County. We don’t tell the Jets whether to start Mark Sanchez or Tim Tebow and we do not need them to tell us how to jumpstart the economy in Bergen County and the region.
American Dream Meadowlands is prepared to put 9,000 construction workers on the job, turning this opportunity into a viable economic engine for the region. They are prepared to create 15,000 new permanent jobs. The only thing standing in their way are the two New York Teams with a misguided view of protecting their economic interests from perceived competition for entertainment dollars.
At a recent New Jersey Sports and Exposition Authority hearing, Mara, representing both teams, worried that amusement attractions and a water park will impact his debt payments on Metlife Stadium. But investors are not worried. The teams just sold the naming rights to the fourth and final cornerstone entrance to their stadium. Would an astute business enterprise have made that deal with the teams if they felt somehow a water park would scare fans away from professional football games? Of course not.
Many fans bemoan the loss of the old Giant stadium and the imposition of personal seat licenses by the teams. The Jets and Giants rejected plans to upgrade the old facility at an estimated cost of $250 million. They choose to keep up with the Joneses – as in Jerry Jones in Dallas. They opted to build a new stadium that, with cost overruns, came in at $1.6 billion. That is their right. It is the American way.
They chose debt
Mara worries about debt on the stadium. But it is debt he and his partners chose to incur.
Let’s look behind the numbers. The NFL contributed a reported $300 million to the construction of the stadium. They gave the teams the opportunity to reap the financial reward of hosting the Super Bowl.
The New York Jets and New York Giants fans were hit with personal seat license fees that were geared to raise another $800 million. So how much debt do Johnson, Tisch and Mara really have? The public does not know. But we doubt we will need to throw a benefit for them anytime soon.
The New York teams tell us their fight against American Dream Meadowlands is all about traffic. We all would like to leave our homes, work sites and, yes, entertainment venues without encountering any traffic on our drive to our next destination. But this is New Jersey and traffic is a fact of life every day, not just when the teams are playing.
We are resourceful, we plan trips around traffic. You try to avoid major highway arteries during the holiday season. You don’t drive by the neighborhood school when the kids are being dropped off in the morning. You probably won’t choose to leave the water park and amusement area as a football game is concluding. And if you are at the game, you likely will come over to American Dream for a post-game meal or to visit the attractions while the traffic is dissipating.
A win-win for everyone
American Dream Meadowlands will complement, not complicate, life for the teams and their fans. If the teams, developers and Sports Authority work together to enhance the total game day experience for both patrons and fans, this will be a win-win for everyone.
And, most importantly, people – 9,000 construction workers and 15,000 people with permanent jobs, and all the ancillary jobs created – will go back to work in Bergen County.