EAST RUTHERFORD, NJ—Local election results should convince Triple Five—the developer of the controversial American Dream project here— to move forward quickly with its financing plan, says East Rutherford Mayor James Cassella.
Last Tuesday's election saw two former Republicans who switched parties and have opposed the borough's role in financing the American Dream project, win seats on the Borough Council, according to The Record.
“If Triple Five is going to do this [American Dream project], they'd better do it quick," says Mayor Cassella. "New people come in and have new ideas, and things may not go as smoothly for Triple Five. They may hit some obstacles."
Triple Five spokesman Alan Marcus says the venture has "overwhelming support" among borough residents. "We're just closing up on a few items, and then everything will be resolved."
In 2013 The borough granted preliminary approval to a plan to redirect as much as $524 million in scheduled payments in lieu of taxes over the next 33 years to the developer to help pay for the $2 billion in additional construction costs required to complete the project. See story in The Record.
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