I believe that we have seen the beginning of a very dark period in Harrison- the borrowing of almost 40 million dollars to assist a private sports team without an agreement to benefit from the profits of the stadium is poor management on part of the McDonough administration.

How is the town going to pay back the debt it is borrowing?  It is reportedly receiving $1 per car from the garage being built by the County of Hudson.  10,000 parking spaces stated in the Red Bull press release is not accurate.  The County is only building a 1500 parking garage.  Even if the garage fills that is only 1500 per game, no where near the money necessary to service the debt of $40 million.

Payment in lieu of taxes.  Payments in lieu of taxes is a gift to the developer.  Let the developer pay taxes to the town.  The property currently pays $400,000 in taxes vacant as it is.  What tax revenue will the stadium generate, zero.  It will pay only a payment in lieu which will not pay off the debt service.

 The town is receiving no naming rights, no percentage of ticket sales, no percentage of profits by Red Bulls, no seat allocated to the Town.  In effect, the Red Bulls (previously the MetroStars) were given a gift of $40 million.  Given Harrison's financial state the 40 million dollars could have been used to provide vast improvements in downtown Harrison that would have benefits a lot more residents and business owners.