State board approves $800M in bonds for Meadowlands mall

State board approves $800M in bonds for Meadowlands

State board approves $800M in bonds for Meadowlands mall

TRENTON, N.J. - (AP) -- A state board has approved $800 million in bonds to help finance a long delayed megamall in northern New Jersey.

The Local Finance Board on Wednesday signed off on the bonding as part of an effort to move along the American Dream Meadowlands project.

The mall, which will include a Lord & Taylor and Saks Fifth Avenue, was originally known as Xanadu. It has been in the planning process since the early 2000s and has faced various delays and financing problems.

Triple Five, the project's developer, plans to invest $2.5 billion in the site, including the $800 million raised through bond issuances.

The state approved up to $390 million in tax breaks for the project last month.

advertisement | advertise on News 12

Trending Video

News 12 asked residents what they thought about 1 Westchester Talks Trump: First 100 days
News 12 asked viewers what they thought about 2 Hudson Valley Talks Trump: First 100 days
In honor of National Superhero Day, News 12 3 Word on the Street: Superheroes
4 New Jersey Sportscast, April 28
St. Joseph High School student Matthew Hall visited 5 Teen battling cancer thanks medical team as he prepares to attend prom

advertisement | advertise on News 12

More News

American Dream won't open until summer 2017, according American Dream opening pushed to 2017

The developer for the American Dream complex at the Meadowlands has gotten approval for more

Triple Five and the Bergen County Building & 'American Dream' reaches agreement with union

After years of delays, work will finally begin on a Meadowlands megamall in the next

The lawsuit claims Edmonton-based Triple Five and the Judge refuses to toss Meadowlands megamall lawsuit

A New Jersey judge has refused to throw out a lawsuit filed by the New

The developers of the American Dream project are American Dream developers sue Jets, Giants

The developers of the American Dream project are suing the owners of the New York

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE