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Tom Sullivan of CBRE, Inc., represented the NJSEA in the marketing and sale of the property.
(215) The tax equity investor was entitled to cash distributions for the following purposes: repayment of an "investor loan" it extended to the partnership; a three percent preferred return from any cash flow available after the loan payment to offset any tax owed on income allocations; and the balance of any remaining cash after certain distributions were made to NJSEA. (216)
Therefore, the NJSEA created a New Jersey limited liability company, Historic Boardwalk Hall LLC (HBH), and subsequently sold a membership interest in HBH to a wholly owned subsidiary of Pitney Bowes Inc.
The NJSEA and Pitney Bowes also signed a contract containing put and call options.
NJSEA has hosted hundreds of millions of fans from all over the world at events such as presidential rallies, World Heavyweight Championship fights, the NCAA Final Four, soccer's World Cup (the world's biggest sporting event), music concerts by artists such as the Rolling Stones, Frank Sinatra, Paul McCartney and the Three Tenors, the Stanley Cup Finals and the NBA All-Star Game.
At the conclusion of the basketball season, the entire amount of the impost fee was transferred to the NJSEA, a state agency entitled to a sales tax exemption under NJSA 54:32B-9(a)(1).
To generate the funds to fulfill the project, the NJSEA created Historic Boardwalk Hall (HBH), an LLC treated for tax purposes as a partnership, with business equipment and services company Pitney Bowes Inc.
"Under a measure signed into law by Governor Chris Christie, the NJSEA has been repositioned to serve as the lead state agency for the mission of attracting more sports and entertainment events to New Jersey.
In the lawsuit filed last week in the Law Division of the Superior Court in Bergen County, the developers cite numerous breaches by the teams of the "Cooperation Agreement" entered into by the initial developers, the teams and the New Jersey Sports and Exposition Authority (NJSEA) in 2006 and additional charges of tortious interference and civil conspiracy.
Sports and Exposition Authority (NJSEA) Sports Complex site in East Rutherford, New Jersey.
As part of its contract with the NJSEA, the Nets must pay a penalty for relocating anywhere else locally on a temporary basis before the Barclays Center is completed.
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