A close reading of the 10-page “letter agreement†obtained by The Record from the New Jersey Sports and Exposition Authority shows numerous promises made to the operators of the arena in Newark, in exchange for the $2 million they pledged to pay the state agency.
In the letter, the sports authority agreed either to keep the Izod Center closed in 2017 and in 2018 as well, or alternatively to reopen in 2017 in a format that is not directly competitive with the Newark arena.
In the latter case, the sports authority would agree that from 2017-2021, the Meadowlands facility would only offer a “single theatrical residency production†— a series of performances such as Cirque du Soleil — or cut the capacity of the Izod Center in half, to a maximum of 10,000 seats. Popular family shows such as the traditional traveling circus and ice-skating events that are featured in most or all arenas in the region also would not be held at Izod Center at that time, with an exception for shows produced by a new operator.
That exception could prove useful for Triple Five, the developer of American Dream Meadowlands, if it won a bid to operate the Izod Center in a scaled-down form. Triple Five — which operates Mall of America in Minnesota — has a partnership at American Dream with DreamWorks Animation, the source of popular characters such as Shrek and Kung Fu Panda. A Triple Five spokesman declined to comment.
Jon F. Hanson, Governor Christie’s adviser, said last month that the only logical operators of a reconstituted Izod Center would be Triple Five, Prudential Center, or the Giants and Jets football teams — who own and operate MetLife Stadium.
Three sports authority board members who were part of the majority in Thursday’s 10-2 vote to close Izod Center said before their votes that they expected Izod eventually to reopen in some form.