The sports authority would issue the bonds instead of East Rutherford
EAST RUTHERFORD -- The Borough Council voted Tuesday night to ask the New Jersey Sports and Exposition Authority to issue $675 million in bonds for American Dream Meadowlands, The Record reported. Unlike East Rutherford, the sports authority can issue tax-exempt bonds, which Triple Five officials think may be easier to sell.
Triple Five, the developer of the mall and entertainment complex, still plans to honor a financial agreement in which it will make payments in lieu of taxes to East Rutherford and reimburse the town for a new $20 million police and courts building.
East Rutherford agreed in 2015 to issue taxable bonds for American Dream, while the sports authority would issue $350 million in tax-exempt bonds. Triple Five announced a delay in the bond sales in April.
Issuing tax-exempt bonds through the sports authority instead of East Rutherord "may be the best way to bring the bonds to market," Tony Armlin, vice president of development for Triple Five, said. A copy of the resolution will be sent to the sports authority Wednesday.
Outside of financing issues, Triple Five continues to move forward on American Dream, recently announcing an operator for a 12-story indoor ski and snowboard park at the complex. American Dream has also attracted a number of retail, restaurant and entertainment tenants.
Triple Five expects the $3 billion project to open in 2017.
Myles Ma may be reached at mma@njadvancemedia.com. Follow him on Twitter @MylesMaNJ. Find NJ.com on Facebook.