X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TRENTON-The biggest news in New Jersey has been proposals to build a new arena in Newark for the NBA Nets and NHL Devils and to remake the Meadowlands Sports Complex as an entertainment, sports and recreational “village” (see earlier stories). Both call for establishing special taxing districts to provide key funding, and both need enabling legislation.

Acting Governor Donald DiFrancesco and other supporters of the proposals wanted to bring the legislation to a vote before the current session ends next week. Now, that apparently won’t happen: Assembly speaker Jack Collins (R-Salem) has declined to schedule a vote. The bill providing funding for the Newark arena has been approved by the State Senate’s Finance Committee, but without progress in the Assembly, the proposals are effectively stalled.

Collins has offered no specific reason for the delay. However, according to observers, the concerns are twofold. First, the legislation may be too complex for lawmakers to deal with in a short time frame. Second, Collins is said to be pushing for expenditures in his own part of the state –Salem County is in South Jersey.

Barring the unforeseen, DiFrancesco appears to have only one option for keeping the proposals on the fast track–he could call a special session of the legislature within the next several weeks, which would be unpopular. Otherwise, the next opportunity would come in the fall, after the elections. By then, New Jersey will have a new governor, who may want to put his own stamp on the proposals. The next governor will be either Woodbridge mayor Jim McGreevy or former Jersey City mayor Bret Schundler. Both won their primaries handily yesterday; Democrat McGreevy took 96% of the vote, while Republican Schundler topped former US representative Bob Franks by a surprising 57% to 42% margin.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.