The Sports and Exposition Authority votes Thursday on a $1.1 billion bond plan
LYNDHURST -- The developers of American Dream Meadowlands will look to clear another hurdle Thursday on the way to completing the troubled project.
The Sports and Exposition Authority plans to vote on whether to authorize a package of $1.15 billion in bonds to support the construction of American Dream.
The state Local Finance Board approved the bonding plan earlier this month. The public bonds will ultimately be sold far from New Jersey, by the Wisconsin Public Finance Authority.
$4B road to a runaway American Dream
The bonds will help support $2.7 billion in construction planned at the site, bringing the cost of the project over its years-long history to nearly $5 billion.
Union officials say the project will mobilize hundreds of construction workers. However, the New Jersey Alliance for Fiscal Integrity, a nonprofit advocacy group opposed to the mall, has criticized the state-backed bonding plan, saying the deal was unfair to businesses that don't get special financing deals.
Triple Five aims for the bonds to hit the market in September and for American Dream to open in late summer 2018.
The Sports Authority meets at 1:30 p.m. at its headquarters in Lyndhurst.
Myles Ma may be reached at mma@njadvancemedia.com. Follow him on Twitter @MylesMaNJ. Find NJ.com on Facebook.