The mayor of East Rutherford, where American Dream is located, wants to clarify the facts after a state senator recently criticized the project's financing in an opinion piece.
By James Cassella
In the long, tortured history of the giant mall and entertainment center in the Meadowlands known now as the American Dream the ire and hopes of citizens and government officials have risen and crashed many times.
As the mayor of East Rutherford, the home of American Dream, I'm frequently surprised about how ill-informed government officials at all levels are about the finances related to this project and its developer, Triple Five.
I want to correct some falsehoods and misperceptions about the project that have been floating around. Most recently, State Sen. Michael J. Doherty (R-Warren) presented an inaccurate picture of what the state's level of investment is for the American Dream.
Consider these other facts:
Under the arrangement that I helped negotiate with Triple Five, the borough will make out quite well, starting with a $23 million lump sum upfront payment from the developer.
Once the mall is open, the borough will receive a PILOT of $2.5 million a year escalating over time to $7 million a year. Most importantly, we provide no services, such as policing and emergency services, to the mall.
As a mayor, I'll gladly take $7 million a year from a site that is currently producing zero dollars -- and so would every mayor in Doherty's district.
Doherty: N.J. shouldn't have to cough up $1B to American Dream
I must also point out that no one in East Rutherford sought the mega mall. But since it is here, I am doing everything I can to make sure that my community derives every possible benefit from the American Dream.
I've been the mayor here for more than 20 years. And I've been involved with every incarnation of this project over the last 15 years. If anyone wants to get the facts about the financing of this project, they can simply give me a call.
James Cassella is the mayor of East Rutherford.
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