The arena will likely cost more than its original $310 million price tag. The Devils have negotiated a guaranteed maximum price of $365 million with construction manager Gilbane Construction. Under the new deal, which is officially being signed today, the city is still contributing $210 million to the venue's construction. But under the new contract negotiated between the city and the NHL team, the latter has increased its original cash contribution to the city by $125,000, which would be used to fund unrelated projects in the city.
Also part of the new agreement is a commitment by the Devils to hire more minority-owned vendors for the arena's construction and its subsequent operation. The Devils have also agreed to let the city use the arena's giant exterior video screen for advertising purposes. The Devils will also return a piece of adjacent land to the city, which the latter plans to sell for development.
Construction of the arena has been ongoing, even during the series of disagreements between the Devils and the Booker administration over the deal. Work has reached the approximately 50% complete mark. The facility is currently slated for an October 2007 completion.
"Starting today, when we sign this new agreement, I will say for the first time ever that I am a Devils fan," Booker says, in a prepared statement.
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