HACKENSACK, NJ-The Bergen County Improvement Authority granted preliminary approval to request the go-ahead from the state of New Jersey to issue as much as $800 million in bonds for Triple Five's American Dream project at the Meadowlands.
The application, approved on Tuesday by the authority, features a plan involving three public agencies that would provide Triple Five with much of the working capital it needs to complete the troubled retail and entertainment project, according to The Record. BCIA officials termed the approval as “preliminary.”
The application calls for $738.5 million in bonds, including approximately $15 million to cover the costs of issuing the bonds
American Dream spokesman, Alan Marcus, terms the board vote “another step in a process for a project that is being very strongly received by the financial community.”
He later added that whether the final financing plan is $400 million, $600 million or $800 million, “The fact is this will be no risk for taxpayers. The only risk is for the sophisticated institutional buyers who want that level of risk — that's how they make money.” See story in The Record.
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