Local Finance Board & NJSEA Will Approve Bonding for Boondoggle Project
Senator Mike Doherty (R-23) warned that the approval of $800 million of bonds to subsidize the long-delayed American Dream Meadowlands project is set to move forward next week.
Sen. Mike Doherty warned that the approval of $800 million of bonds to subsidize the long-delayed American Dream Meadowlands project is set to move forward. (Wikimedia Commons)
The New Jersey Sports and Exposition Authority has issued an agenda for a special meeting on Tuesday, August 9th that includes Resolution 2016-35 – Consideration of Resolution Approving Financing of the American Dream Project.
The Local Finance Board has issued an agenda for a meeting on Wednesday, August 10th that includes authorization for $800,000,000 of Proposed Redevelopment Area Bonds for the American Dream Project.
“I warned in June that the Triple Five Group would attempt to shift the risk of the boondoggle American Dream Meadowlands project onto the backs of New Jersey taxpayers, and now we have proof they are trying to do just that,” said Doherty. “Why should New Jersey taxpayers bear the risk of subsidizing this project when the same company can afford to undertake mega-projects in other states with no need for similar subsidies?”
Last fall, the Triple Five Group boasted that the nearly $5 billion construction cost of the years-overdue American Dream Meadowlands mall makes it “the most expensive retail project on earth.”
Doherty noted that New Jersey taxpayers have already paid a reported $80 million in road and infrastructure improvements in support of the project, and that the project benefits from its location on valuable state owned land within the Meadowlands Sports Complex.
Under Triple Five’s special arrangement, much of the tax revenues that would otherwise be collected from the project for public purposes will instead be used to repay bond investors.
“We’re told that we can’t afford to fund full pension payments or the Transportation Trust Fund, but we can afford to give away $800 million of tax revenues to subsidize the American Dream Meadowlands project,” added Doherty. “It just doesn’t make sense.”
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