EAST RUTHERFORD — Even though Gov. Chris Christie pledged last month that the state would revive the Xanadu entertainment complex on Route 3 and provide $200 million in state tax breaks, it may not be as easy as it seemed.
The state’s Economic Development Authority does not yet have the ability to issue the tax breaks, according to a report in the Star-Ledger over the weekend.
Christie’s administration asked Democratic legislators to push through a bill so that the breaks can be issued, the story said.
In the past, various companies that tried to build the project ran into financial roadblocks. A new company that owns the Mall of America plans to spend $1 billion to turn it into “American Dream at the Meadowlands,” with the state’s help.
According to the story:
“A spokesman for the governor, Kevin Roberts, insisted Friday the administration knew all along it would have to amend the law…State Sen. Raymond Lesniak (D-Union), the chairman of the Senate Economic Growth Committee, said he agreed to sponsor the bill and put it before the panel Thursday. But he said he had no idea whether the governor had misread the 2009 law he wrote that created the tax breaks.” N.J, poll says
Revival of Xanadu project may not be as easy as gov thinks
