Price tag for the new arena is $325 million, and YankeeNets says it has $200 million lined up (Newark-based Prudential is said to be part of the mix). Public subsidies would come in the form of low-interest loans, payment for land acquisition, parking and road improvements.
Once the agreement on subsidies is finalized, both houses of the legislature must approve the deal, and ongoing legal action by residents and businesses challenging the project has to be settled. Both teams hope to be in the new building by the 2004-2005 season.
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