Tax Break Approved for Meadowlands Mall
The developers of a long-delayed megamall at New Jersey’s Meadowlands have gotten another approval from the state on financing.
The state’s Economic Development Authority on Friday OK’d a $390 million tax break for Triple Five, the developer of the dormant American Dream project.
The Record reports the tax break will provide the underpinning for part of a more than $700 million bond offering. On Thursday, a state board approved a plan by the town of East Rutherford to offer about $500 million in public bonds to back the project. Officials have said taxpayers won’t be liable even if the project isn’t completed.
A spokesman for Triple Five told the newspaper that construction will resume immediately. Work at the site has largely been suspended since 2009.
The financing makes up a key part of the $1.75 billion needed by Triple Five to complete the mall, and the developer has said it will raise the remaining money from private sources. Triple Five took over the project in late 2010 after the original mall, known as Xanadu, fell prey to the financial downturn. Xanadu was initially scheduled to open in 2007.
The financing is not the only hurdle still facing the project. The New York Giants and New York Jets have sued the developer, claiming Triple Five didn’t get their permission to expand the footprint for the mall, which now is planned to feature a Hollywood-themed amusement park and waterpark and, they claim, will have a nightmarish effect on traffic on football game days.
Triple Five filed a suit in response that accused the teams of engaging in a “campaign to delay, thwart and ultimately prevent” the project from being completed.
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