New Jersey's 23rd Legislative District

Senator Michael Doherty

Senator Mike Doherty

Doherty: NJSEA Set to Approve $1 Billion Taxpayer Handout for American Dream Meadowlands in Sweetheart Deal

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Senator Mike Doherty (R-23) said that the New Jersey Sports and Exposition Authority (NJSEA) is set to approve a billion dollar taxpayer handout to Triple Five Group, the Canadian developer of the decade overdue and billions over-budget American Dream Meadowlands project.

Sen. Mike Doherty called the billion dollar taxpayer handout set to be approved by the NJSEA for the developer of the American Dream Meadowlands project a “sweetheart deal.” (Wikimedia Commons)

“Triple Five claims this sweetheart bonding deal will have no impact on taxpayers and carries no risk, but that’s a lie,” said Doherty. “Not only will we give up tax revenues to repay bondholders, we’ll also likely lose additional sales tax revenue from the business American Dream siphons from the many nearby malls that do pay the full taxes they owe to the state.”

The NJSEA’s Board of Commissioners will vote today, August 25th, on the following resolutions:

Resolution 2016-37 – Consideration of Resolution Authorizing the Sale and Issuance of Limited Obligation Grant Revenue Bonds Relating to the American Dream Project and Related Approvals.

Resolution 2016-38 – Consideration of Resolution Authorizing the Sale and Issuance of Limited Obligation PILOT Revenue Bonds Relating to the American Dream Project and Related Approvals.

“Why are we subsidizing construction of this mall when others in New Jersey are struggling and going out of business?” asked Doherty. “It doesn’t make sense. We’re shooting ourselves in the foot.”

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