Doherty: NJSEA Set to Approve $1 Billion Taxpayer Handout for American Dream Meadowlands in Sweetheart Deal
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.
“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.”
Triple Five claims sweetheart bonding deal w/ NJSEA has no impact on taxpayers & carries no risk, but that’s a lie https://t.co/vqy5dRaBdB
— Senator Mike Doherty (@mikedohertynj) August 25, 2016
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.”