BUSINESS & ECONOMY

EDA grants extension for updated American Dream project incentives application

The American Dream Meadowlands project is now being developed by Triple Five affiliates. - (AARON HOUSTON)

The American Dream Meadowlands project is now being developed by Triple Five affiliates. – (AARON HOUSTON)

By Andrew George for NJBIZ

The American Dream Meadowlands project has grown significantly enough since it received approval from the Economic Development Authority in November 2013 for a $390 million Economic Redevelopment and Growth grant — the largest ever of its kind — that the board will need to revisit the application and approve of its modifications in the coming months.

At a special meeting held Friday morning in Trenton, the EDA voted to give Ameream LLC and Meadow Amusement LLC, affiliates of Edmonton, Canada-based developer Triple Five, until June 17 to submit a fully updated application for the modified project to the EDA. That will give the authority time to perform a full underwriting before the application is presented to the board for reconsideration by a new deadline of Sept. 15.

The applicants had initially asked for a longer timetable in the formal extension request they submitted earlier this month, seeking an Aug. 15 deadline for presenting the updated materials in time for board presentation by Dec. 31.

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