'Best and final' offer for ExpoPark released. (Who's News: Management Personnel).

Hartz Mountain Industries and Forest City Ratner have submitted the "Best and Final" offer for ExpoPark, their joint plan to redevelop the Continental Arena Site, with two substantial improvements:

1. The plan requires no state funding of any kind and

2. The revenues to the sports authority average $71 million per year over 30 years, a 33% increase over the previous projections of $53 million.

In addition to the cash benefits, which are generated by ground rent, taxes and share of profits, Hartz Mountain is dedicating its Meadowlark Tract, 94 acre-parcel of undeveloped wetlands, to the state. While an important environmental contribution, the land is not being speculatively valued for economic consideration due to the lack of demand for mitigation sites.

"The Sports Authority asked in its RFP for a plan: that generated financial benefits; supported the general interests of the region; sustained a public purpose; and complemented other users on the site and ExpoPark is hands-down the winner on merit," says Emanuel Stem, president and COO of Hartz Mountain Industries. ExpoPark is a 4.1 million-SF convention-center based mixed-use complex with featuring:

* 900,000 SF of family entertainment uses including an indoor Formula 1-style; racing center and supporting retail space;

* 500,000 SF convention center developed in accordance with U.S. Green Building Council standards;

* 2 million SF of prime office space in four buildings

* 1,200 hotel rooms in three buildings

* minor league baseball stadium.

"As the process has unfolded we have engaged independent analysts to perform additional market studies and research and more than ever we are excited about this project, so we have decided that the public should never have to bear any risk and we also have sweetened our offer substantially. The thing I am most proud of is that we had this right from the beginning our final plan has exactly the same uses and square-footage as our first submissions did. ExpoPark is about providing a new economic heart for this region that accrues benefits to everyone who has a stake here. There is nothing gimmicky about ExpoPark because we do not need to window-dress it with a lot of peripheral nonsense it works."

Stern pointed to a number of current events that further recommend ExpoPark as a solution rather than it competitors. "We will bring 5,000 fresh customers into the region virtually every day and that is in addition to the residents who will use our family-entertainment facilities and office space. This will improve every event at the racetrack, which is considering material changes to its business. It also will attract events such as the Superbowl to the stadium, which now has a perfect complement on-site."