HACKENSACK, NJ-The Bergen County Improvement Authority approved resolutions on Tuesday geared at advancing up to $400 million in bonding for the much-delayed American Dream project in the Meadowlands.
The session was held so the agency could submit an application to the state Local Finance Board in Trenton by Wednesday (today), and get it on the agenda for the board's next meeting, on April 10. The agency unanimously passed two needed resolutions so that the application could be submitted, according to The Record.
The $400 million in bonds issued by the county Improvement Authority would be part of a $1.75-billion financing package aimed at finishing the 2.9-million-square-foot retail/entertainment project located on state land near the Izod Center. The financing package would also include significant private funding as well as $200 million in equity from American Dream developer, Triple Five. See story in The Record.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.