NJ Agency Seeks Bonds to Restart Megamall
Bergen County’s Improvement Authority is requesting state approval to float up to $800 million in bonds to restart the stalled American Dream megamall project in the Meadowlands.
The Record newspaper reports documents show three public agencies would work together on a financing plan to provide a private developer with much of the cash needed to get the retail and entertainment complex open.
Repayment funds would come from revenues generated by the project.
Details of the $1.8 billion financing plan haven’t been released.
But the authority’s financial experts say the agency could refuse to issue the bonds if any risk to the county appears in future negotiations.
Known originally as Xanadu, the mall fell prey to the financial downturn and the project has been dormant since 2009.
(Copyright 2013 by The Associated Press. All Rights Reserved.)