City of Newark and Devils reach financial agreement on arena
(01/24/06) NEWARK ? City officials in Newark and the New Jersey Devils struck an agreement Tuesday that will allow the construction of a new hockey arena to move forward.
Both sides reached an impasse over the Devils? financial commitment to the project. Representatives of the city feared the team would not formally make a commitment to funding for the project. However, the Devils signed a letter of credit guaranteeing they will contribute their original financial promise of $100 million.
The projected cost of the 18,000-seat arena is $300 million. Those interested in watching a live camera of the construction can click here.
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