The deadline for that letter of credit was this week, and the Devils made that deadline by just hours. The creditor is the Livingston-based finance firm CIT Group Inc. Under the terms of the agreement, the city will tap into the $100-million line of credit only after its own $210-million commitment of public money for the project is tapped out. And the Devils had earlier agreed to pay for any costs above the $310-million ceiling.
"Let this definitive, final agreement leave no doubt that the Devils will start playing in Newark in 2007," the team's principal owner, Jeff Vanderbeek, says in a statement. The finality of the deal comes as site and foundation work has already reached the two-thirds mark for the arena. The city has, to date, spent a reported $25 million to get to this point. The Devils' letter of credit is secured for the Newark Housing Authority, the designated redevelopment agency for the site.
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