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EAST RUTHERFORD, NJ-The ground lease for the land that will hold the new Giants/Jets stadium was approved by the New Jersey Sports and Exposition Authority, in a 14-to-2 vote. “The approval of this agreement represents the culmination of more than two years of hard work by us,” says a spokesperson for the New Meadowlands Stadium Corp.

The Giants and Jets will share the new $1.2-billion, 81,000-seat stadium, which will be built to the northeast of the current Giants stadium. The stadium recently got a $300-million loan from the National Football League for construction. The NFL grants up to $150 million in funding for new stadiums, but gave $300 million since the stadium being built is for two teams.

Construction will be under way at the same time as construction for the adjacent Xanadu mixed-use complex.

The two dissenting votes in the ground lease came from Anthony Scardino and Ray Bateman. Bateman has been the lone dissenting vote in other Meadowland development issues. Scardino, previous in favor of, said that the specifics of this signed lease was too generous to the Giants and Jets.

The new stadium is set to open in time for the 2010 football season.

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