Public officials, including Gov. Jon Corzine, were presentbecause the state owns the land. The Giants and Jets will co-ownand jointly operate the facility under a long-term ground leasewith the state. The current Giants Stadium, which dates to 1976, isowned by the state via the New Jersey Sports & ExpositionAuthority and leased by the two teams. The Giants have been theresince the beginning, and the Jets moved in as co-tenant in 1984.Once the new venue is completed, the existing facility will bedemolished and replaced by parking lots.

"Every aspect of a Sunday at the stadium will be radicallydifferent before fans even step inside," said Jets' owner WoodyJohnson at yesterday's event. "To begin with, improved highwayaccess and redesigned parking lots will make the trip moreefficient."

"For me, the new stadium exemplifies the best in public-privatepartnerships," said Corzine. "The Jets, the Giants and the State ofNew Jersey have developed a genuinely collaborative relationship.We know that this will pay serious dividends over a long period oftime."