NJSEA approves $1.1 billion bond to pay for American Dream
The New Jersey Sports and Exposition Authority has approved a $1.1 billion bond to pay for the American Dream mall and entertainment complex at the Meadowlands.
The complex, which will include high-end department stores and various forms of in-door entertainment, was originally known as Xanadu. It has been in the planning process since the early 2000s and has faced various delays and financing problems.
The NJSEA took comments from the public before approving the bond. Many were concerned that the large complex would drive out local businesses.
Earlier this month, the state Local Financial Board signed off on $800 million in bond sales to also help finance the complex. State officials also approved up to $390 million in tax breaks for the project last month.
NJSEA officials say that state taxpayers will not be affected by the bond. They say that the way it was set up, only those buying the bonds will hold the risk.
Developer Triple Five has said the complex is scheduled to open in mid-2018.
The Associated Pres wire services contributed to this report.