The New York Giants and Jets agreed Thursday to build a stadium in the Meadowlands that would become the first NFL venue to be owned and operated by two teams. The facility will be built near state-owned Giants Stadium, which is currently home to both teams and is among the league's oldest stadiums. Specific details about the stadium plan are to be developed over the next several months, including its new name. The teams plan to put the naming rights up for bid. Acting Gov. Richard J. Codey announced the deal during a press conference at the stadium, saying it would guarantee both teams remain in New Jersey for the next 99 years. Codey, appearing with the owners of both teams, said the Jets would also relocate their practice facility to New Jersey. The Jets now practice at Hofstra University on Long Island. The project would create "tens of thousands of new jobs," Codey said, adding he was also looking forward to revenue from income taxes from the Jets' payroll.