Bergen County freeholders pave way for bond deal to revive American Dream mega-mall project

 

The Bergen County Freeholders took the final step Wednesday to clear the way for a public bond finance deal aimed at reviving the Meadowlands mega-mall project known as American Dream.

By a unanimous bipartisan vote, the board consented to executing agreements with developer Triple Five LLC, which plans to build the complex on the site of the mothballed retail complex formerly known as Xanadu.

The vote drew a sustained round of applause from a standing room only crowd of more than 120 members of local building and construction trade unions, who see the project as a solution to several years of chronic unemployment in their ranks.

Rick Sabato, president of the Bergen County Building and Construction Trades Councils, thanked the freeholders one by one. He predicted the project will mean jobs for 9,000 of his members over the next three years and beyond.

"This is a project that's going to be a savior to the trades," Sabato said. "Think about the lives you're going to change over the next three years."

The freeholders were the last in a long series of public entities to vote on the project, including the New Jersey Sports and Exposition Authority, the New Jersey Local Finance Board, the State Economic Development Authority, the Bergen County Improvement Authority and the East Rutherford Borough Council.

The vote comes days after the project cleared another significant hurdle, the settlement of lawsuits between Triple Five and the two teams that play at MetLife Stadium, the New York Giants and New York Jets.

The teams dropped their lawsuit after they won assurances of increased public transit in the area on game days. Triple Five also dropped its suit against the teams.

At a work session that preceded last night's vote, several freeholders asked for assurances that no county taxpayer money would be put at risk by the project, which calls for up to $800 million in bonds issued by the BCIA. They were told all the risk would be borne by private investors, not the public.

Freeholder James Tedesco asked if any of the road or transit improvements would involve any county resources.

County Administrator Ed Trawinski said the answer was no.

"As a result of this proposal, the county is not going to be laying out funds," Trawinski said.

Freeholder Chairman David Ganz asked if in the event of a default on the bonds if someone could sue the county.

Robert Tuteur, bond counsel for the BCIA, replied that anyone could file a lawsuit. But he added, "a lawsuit of the nature you're describing would be without merit."

Several freeholders also asked if the deal would displace the county's long tradition of not allowing retail sales on Sunday.

Ganz noted that the Blue Laws are a state law that require an act of the legislature to change.

"But absent that, I don't see any concern administratively," he added.

Source: NorthJersey.com