EAST RUTHERFORD, NJ-The Borough Council has adopted resolutions for the creation of the East Rutherford Redevelopment Agency that will make it easier to issue bonds for the American Dream project.
East Rutherford Mayor James Casella says the creation of a redevelopment agency was based on a recommendation from its attorneys and was pursued for two reasons, according to The Record. “For one, in order to move forward with American Dream, a redevelopment agency would give us a better way of issuing bonds and gives us a layer of taxpayer protection because it’s a quasi-independent agency. We are looking for any way we could to protect taxpayers. This is one way.” The second reason is to perhaps provide assistance to other projects elsewhere in the town.
American Dream developer Triple Five spokesperson Marcus Allen dropped off a $50,000 check from American Dream, LLC, for the escrow account to pay for fees regarding the mall and amusement park development. See story in The Record.