Private Financing for the NY Football Giants?

This article (registration required) in the NY Times describes the latest proposal made by the owners of the New York Football Giants regarding the construction of a new stadium at the Meadowlands. The owners have offered to foot the entire bill (estimated at $700 million) of constructing the new stadium. What's the catch? The stadium would be built on land own by the state (New Jersey) and the team would pay no rent and it would have control of all events that go on at the stadium. Yes Virginia, there is a public subsidy here. It amounts to New Jersey's opportunity cost of using the land where the stadium is to be built. In short, the team pays for the stadium construction on land that it gets from the state at no cost.