The Bergen County freeholders voted unanimously on Wednesday to approve a public bond finance deal for the American Dream megamall — the troubled Meadowlands project formerly known as Xanadu.
According to the freeholders, the $800 million bond deal will not put any county taxpayers at risk. Local building and construction unions applauded the agreement, saying resumption of the stalled project will result in thousands of jobs.
Earlier this month the New York Jets and New York Giants dropped a lawsuit against American Dream developer Triple Five. The lawsuit had been filed because the teams claimed that Triple Five’s plans to add amusement and water parks would result in traffic problems at MetLife Stadium during home games.
Triple Five also dropped a countersuit they filed against the teams seeking damages for allegedly obstructing investment in the site in order to maintain their monopoly in the area.
A memorandum of understanding has been signed by the relevant parties – Triple Five, the Jets and Giants, NJ Transit, and the NJ Turnpike Authority – outlining improvements to roads and transit in the region.
The transportation upgrades include increased train capacity, improvements to turnpike interchange 16W, and an increase in ramp capacity at the mall. The upgrades will not involve any county resources. –Art Schwartz
Public bond finance deal approved for the American Dream megamall
