Is The Aquarium Deal Really Good

Back in early June I pointed out the new deal for the Aquarium in Camden aquarium-bait-and-switch. To refresh memories. This is the deal where a private company, Steiner & Associates, was given the rights to a $135 million development project on 33 acres along the Camden waterfront. In return Steiner has to run the Aquarium and generate roughly 600,000 visits per year and pay the State $1 million a year in rent for the Aquarium.

According to the original article, State Treasurer John McCormac said that New Jersey residents are no longer on the hook for the Aquarium. But let's look at this a little closer. The Delaware River Port Authority gave Steiner a $3 million grant and loaned them $15 million and Steiner got another $23 million in grants and loans from the state.

The only person telling the truth here is Dave Wechsler VP of Steiner "Ultimately, the public pays in some shape or form," he added. "That money came from taxes." Link