"There are two developments going on at this time," noted Sakiewicz. "The stadium and practice facility both have made significant progress in the last several months.

"With the stadium development we are working through all the necessary documentation between the Town and Advance Realty Group (the developer). There are a number of agreements such as a ground lease, stadium development agreement and other agreements that support our relationship with the Town.

"These documents are 90 per cent complete and agreed upon and will be ready for signatures by the end of November. There are several agreements with the developer Advance Realty Group which are also 90 per cent complete and will be ready for signature in this time frame.

"All major deal points are agreed to between the three parties and there are no major hurdles here."

"Once the documents are signed the Town must make an application to the Hudson County Improvement Authority (HCIA) to request the issuance of the necessary bonds to start construction," added Sakiewicz. "Once that application is made there is a 90 day period to get the necessary approvals and actually fund the bond sale.

"Our group anticipates the bond sale some time during the first half of 2004. Once the bonds are sold we will be ready to start construction."

"There are still many details to work out in terms of detailed stadium design, parking accommodations and parking deck construction however, we are moving ahead as best we can to make sure this development is built the right way so the fans can enjoy the facility from day one," he added. "We are taking extra measures and this takes more time to make sure the development is designed the right way for fan enjoyment.

"If you are familiar with the site it is characteristically an urban setting and therefore is tight in terms of what will be built there. It is very important that the ingress and egress channels are designed well and that the stadium, retail, housing and office space are sized and placed so that fans, residents and people that work there all enjoy the development.

"We have seen many similar developments that are not planned right and while they look good on paper turn out to be a nightmare when they are actually constructed.

"Fan enjoyment of the facility is of paramount importance to us."

"On our practice facility the developer will be presenting final drawings and plans to the Town of Pequannock the first week of December for approvals and permits," noted Sakiewicz. "Upon approval construction will start on two outdoor fields, offices and team training facilities and one indoor field.

"There is no financing approval on this because it is being privately financed by Bandanco Realty.

"The team is projected to occupy temporary facilities sometime in the spring of 2004 with the front office operation shortly after that while construction of a permanent building goes up."