NEW YORK, Nov. 13 (UPI) -- The New York Jets reportedly will move back to New York as part of a plan to build a $1 billion retractable domed stadium on the city's west side.
BusinessWeek magazine reported Thursday that the team is expected to unveil its plans in the next two months.
According to the magazine, Jets owner Robert "Woody" Johnson IV -- the heir to the Johnson & Johnson fortunte -- will pay for most of the project. Taxpayers would assume the cost of transportation upgrades. The NFL would provide some financing through its stadium construction loan program.
The stadium is planned for an area between Penn Station and the Hudson River. Railroad railroad yards currently cover the area.
Former Mayor Rudolph Giuliani championed a west side stadium in the 1990s as part of the city's bid to host the Summer Olympics.
The Jets have shared Giants Stadium in New Jersey since 1984.
