The New Jersey Alliance for Fiscal Integrity agreed not to challenge a court ruling upholding the sale.
BERGEN COUNTY -- A non-profit group opposed to public financing for American Dream Meadowlands agreed Wednesday not to challenge a court ruling upholding a $1.15 billion bond sale for the project.
An attorney for the New Jersey Alliance for Fiscal Integrity signed agreement saying the group "shall not seek further review" of the New Jersey Sports and Exposition Authority plan to sell $1.15 billion in bonds to help finish the construction of American Dream.
The Alliance filed an appeal Friday saying the bond sale violated a number of financial regulations. A three-judge appellate panel dismissed those claims Tuesday.
The panel said the NJSEA complied with financing rules and did not put New Jersey taxpayers at risk.
The complex financing deal calls for the NJSEA to sell the bonds to the Wisconsin Public Finance Authority and use the revenue to help developer Triple Five finish work on American Dream. The Wisconsin agency would simultaneously sell its own bonds to the public.
The road to a runaway American Dream
Those bondholders would be repaid through a combination of sales tax revenue generated by American Dream and a payment-in-lieu-of-taxes agreement reached between East Rutherford, NJSEA and Triple Five.
"Now that this frivolous claim has been dismissed, American Dream--a world-class retail, tourist and entertainment destination that will serve as the economic engine for the region--will be completed," said Tony Armlin, vice president of development for Triple Five, said.
Armlin has said Triple Five planned to wrap up financing, including $1.5 billion in private financing, and resume construction by the end of September.
NJSEA officials had criticized the Alliance for hiding its backers. Because it organized as a 501(c)(4) group under federal tax laws, its donors could remain anonymous.
American Dream, first known as Xanadu when it was proposed in 2002, is a massive retail and entertainment complex. Triple Five expects it to open in summer 2018.
Myles Ma may be reached at mma@njadvancemedia.com. Follow him on Twitter @MylesMaNJ. Find NJ.com on Facebook.