Christie signed the bill. Let's get shovels for the practice facility in the ground..
Some actual good news- the $25M tax credits for the practice facility are a done deal
- Thread starter Local Shill
- Start date
That is great news.
Star Ledger
Christie signs bill to provide $25M in tax credits for Rutgers athletics facilities plan
Star Ledger
Christie signs bill to provide $25M in tax credits for Rutgers athletics facilities plan
I can see the grip of that albatross loosening up around the neck of the recruiting trail.
PER HOBBS.....
The reaction, Hobbs said Tuesday, has been overwhelmingly positive so far.
"People are really excited,'' he said. "We've asked some people for commitments, and they're considering those commitments. I think what people want to know is, 'Are we really going to go forward this time? Are we really going to get this done?' And signing this bill makes it real, and it puts us in position to say, 'Come on Rutgers fans, let's get this done this time.' '
PER HOBBS.....
The reaction, Hobbs said Tuesday, has been overwhelmingly positive so far.
"People are really excited,'' he said. "We've asked some people for commitments, and they're considering those commitments. I think what people want to know is, 'Are we really going to go forward this time? Are we really going to get this done?' And signing this bill makes it real, and it puts us in position to say, 'Come on Rutgers fans, let's get this done this time.' '
Paging David Stern how about Bernie Marcus the guy is worth 3 billion I am sure he could stand to donate a few bucks
We've been through this plenty of times. Bernie has zero interest in associating with RU in any capacity. There's a better chance of me making an eight-figure donation but that would require a grand prize win in a multi-state lottery jackpot.
Here's an article about David Stern being bored and that he was thinking of running for mayor of NYC. http://fansided.com/2015/08/19/david-stern-new-york-city-mayor/
Hmm, a bored multimillionaire ex NBA commissioner whose alma mater's basketball program is mightily struggling. Why isn't there more interest on his part?
Hmm, a bored multimillionaire ex NBA commissioner whose alma mater's basketball program is mightily struggling. Why isn't there more interest on his part?
I found this in an article:
"The tax credit is an incentive that allows corporations to apply the tax credit dollar for dollar against certain tax liabilities or that can be used as a gap-financing tool for development, whereby a developer assigns the tax credit to a financial institution over the life of the tax credit (typically 10 years) in exchange for up-front capital."
So I am guessing that Rutgers takes this $25M tax credit and assigns it to a financial institution in exchange for immediate upfront capital to finance its facilities. Anybody know exactly how this will work?
"The tax credit is an incentive that allows corporations to apply the tax credit dollar for dollar against certain tax liabilities or that can be used as a gap-financing tool for development, whereby a developer assigns the tax credit to a financial institution over the life of the tax credit (typically 10 years) in exchange for up-front capital."
So I am guessing that Rutgers takes this $25M tax credit and assigns it to a financial institution in exchange for immediate upfront capital to finance its facilities. Anybody know exactly how this will work?
Break ground without the funding? What if you don't get it in a certain time frame. Having an open eyesore is actually worse than what we have now.
Seriously?
I agree that there needs to be a schedule for construction with time frames for completion.Attracting a new head coach without this information will be very difficult unless a low budget choice is made.
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