NEWARK, NJ-The long-standing dispute over revenue sharing between the city of Newark and the Prudential Center, home to the New Jersey Devils, is now nothing more than a bad memory.
As Newark Mayor Corey Booker embarks on his campaign for the US Senate, the city and the area have announced a deal.
"We are pleased that we have reached an agreement on issues of paramount importance to the city of Newark and the New Jersey Devils," the city and the National Hockey League's Devils said in a joint statement.
Under the deal, Newark will pay $2.7 million in parking revenues to the arena per year. In exchange, the arena will impose a 1.375% tax on tickets for the arena's main events held by the Devils, the New York Liberty of the Women's National Basketball Association and Seton Hall University, with revenues to go to the city, according to the Wall Street Journal.
Newark will also get a portion of a new, $1.25 facility fee to be imposed per ticket on other events. See story in the Wall Street Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
