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NJ megamall gains tax break approval from state

11-1-13

TRENTON, N.J. (AP) — The developers of a long-delayed megamall at New Jersey’s Meadowlands have gotten another approval from the state on financing.

The state’s Economic Development Authority on Friday OK’d a $390 million tax break for Triple Five, the developer of the dormant American Dream project.

The Record (http://bit.ly/18KwHCB) reports the tax break will provide the underpinning for part of a more than $700 million bond offering. On Thursday, a state board approved a plan by the town of East Rutherford to offer about $500 million in public bonds to back the project. Officials say taxpayers won’t be liable even if the project isn’t completed.

A spokesman for Triple Five tells the newspaper construction will resume immediately.

The original mall was supposed to open in 2007 but was sidetracked by the economic downturn.

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Information from: The Record (Woodland Park, N.J.), http://www.northjersey.com