EAST RUTHERFORD — The town where the Meadowlands sports complex sits has signed off on its part of a public financing plan for a long-delayed megamall project.
The Record reports East Rutherford’s borough council signed off this week on a plan that authorizes up to $524 million in bonds to help developer Triple Five complete the project. In exchange, Triple Five will pay as much as $128 million to the borough over the next 30 years.
East Rutherford’s vote moves forward Triple Five’s plan to raise $1.8 billion to finish the project. State and county agencies will have to add their approval.
Triple Five also is facing a lawsuit by the New York Giants and New York Jets, who say the mall will create traffic nightmares on game days.
Source: The Daily Record
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