EAST RUTHERFORD, NJ-The developer of the American Dream project Triple Five saw its controversial retail and entertainment project move one step closer to approvals Tuesday evening as the East Rutherford Borough Council voted to approve major financial terms for the development.
The council by a 5-1 vote approved the issuance of $550 million in bonds to complete the project. In exchange, East Rutherford would receive $20 million upfront for the repayment of debt in connection with the borough's new police and court building, according to The Record.
The borough also would receive $164 million over the project's first 20 years in payments in lieu of taxes, plus $1 million for the next decade to repay sewer costs.
“The simple way to put it is we will issue the bonds if everything we want is done,” Mayor James Cassella said. “The big concepts have been agreed to, and now it's about the details.” See story in The Record.
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