The Missing $30 Million

Just where is that $30 million in private contributions to build the stadium expansion coming from? A Star Ledger article says the cash is nowhere in sight.  Associate Press later moved a story that underscored the Ledger’s concerns.

Isn’t it time to pull the plug on Mulcahy’s folly?

Of course we are also waiting for the other shoe to drop, that is, for Rutgers to admit it cannot find buyers for the $70+ million in construction bonds needed to build the expansion.

That will leave students and NJ taxpayers to pick up this wasteful outlay of $100+ million — unless the plug is firmly pulled on this silly monument to Schiano’s out-sized (and under-performing) ego.  As reported by AP:

“This raises the specter that New Jersey taxpayers will be called upon to pay for the expansion, if private donations do not materialize,” said Assemblyman Richard Merkt, R-Morris. “I will not support making the taxpayers bear this added burden.”

Would you commit to a $50,000 kitchen remodel without having some idea of where the money would come from? No thinking person would but thinking seems a rare talent amongst the jock-sniffing Rutgers administrators and Board of Governors.

The one BoG member who voted against the stadium expansion plan, George Zoffinger, ironically is the only one with experience manging large capital projects. As the Bergen Record quoted him:

“I would never go forward — as someone who has built $100 million buildings — with a project like this,” Zoffinger said. He said the plans didn’t allow enough wiggle room for cost overruns and that the private fund raising was by no means assured.

“You’ve got to set some priorities,” Zoffinger said. “This whole borrow, borrow, borrow has gotten New Jersey into the condition it’s in.”

Sigh. It is difficult to express exactly how reckless and foolhardy this expansion is — but the bottomline is that the money is nowhere near in hand.

Another blogger wonders how a state that borders on bankrupt and is forced to close public parks can even think about putting $100+ million into a stadium expansion. Alas, we cannot explain this, either. Nor do we know what to tell Rutgers students who, come fall, will find many classes canceled because professors had to be fired to balance Rutgers’ falling budget.

The one bright spot are the guffaws to be had reading the booster message boards as posters express shock that the citizenry isn’t tripping over themselves in haste to fund Mulcahy’s folly. These boosters apparently keep their hands firmly in their own pockets because, amidst the angst-ridden bravado, there are no pledges of big money contributions to revive this dying stadium plan.

Our favorite so far, from a poster who writes under the name AreYouNuts: Honestly, the Pennsy primary is over and there’s time and space to be filled on the airwaves and in the papers, hence, a bunch of NOTHING was put together.

F* ’em is what I say!!”

When in doubt…curse.

Maybe that same strategy will work when the stadium contractors persist in presenting bills for work — and RU has nothing but an empty-handed one-finger salute to offer in return.

We have said it before, we will say it again: the stadium expansion — in the midst of a recession that is devastating the New Jersey economy — is so stupid it borders on criminality.

Cui bono?

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2 Responses to The Missing $30 Million

  1. John Lister says:

    Isn’t it just glorious. The Governor’s Advisory Ethics panel has spent four months working out how to solicit donations. I wonder how much this cost us in salaries. The only thing that they are right about is that any solicitation from Corzine will look like a shake-down. In the pay-to-play state now could it not be viewed otherwise?

    It’s a real pity that the effort put into the stadium couldn’t have been used to sort out the state’s budget crisis.

  2. […] More detail, and various links, from the Rutgers 1000 blog. Margaret Soltan, 11:32AM Posted in: […]

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