Newark officials Monday announced the city and New Jersey Devils leadership have reached a revenue-sharing deal surrounding the five-year-old Prudential Center arena that, if approved by the city council, could finally end litigation, according to an NJ.com report.
“It is a significant achievement that is truly a win-win for all parties involved,” according to a joint statement from the city, the Devils and the Newark Housing Authority, which served as the arena developer, the report said.
“We can now move forward together, continuing to build on the successes of the last five years, which will make the Rock and the rapidly growing arena district an even greater economic engine for Newark.”
According to the report, terms of the agreement include:
• Newark will build a parking deck next to its municipal courthouse on Green Street, and the Devils will rent a healthy share of spaces, guaranteeing income to the city.
• Newark will pay $2.7 million in parking revenue to the team annually for other lots surrounding the arena, as mandated by arbitrators last year.
• The city will impose a 1.37 percent tax on all tickets for tenant events – games played by the Devils, New York Liberty, and Seton Hall University.
• For non-tenant events, such as concerts or conventions, the city will impose a $1.25 facility fee per ticket. That fee will go up after five years.
The arena is located at 165 Mulberry St.