(For more retail coverage, click GlobeSt.com/RETAIL.)

TRENTON-The State Senate's transportation committee was expectedto consider a bill (S-1790), on Monday that wouldfunnel 60% of the sales taxes generated by the Meadowlands Xanadushopping and entertainment complex in East Rutherford to BergenCounty. The bill never made the agenda. According to a source withknowledge of the proceedings, S-1790 was pulled back "because of alack of support." Future action on the bill is uncertain at thistime.

Specifically, the estimated proceeds of $17 million a year wouldgo to pay for road improvements along Route 3 from Lyndhurst toSecaucus, and Route 17 from Ridgewood to its intersection withRoute 3. If passed, the legislation would set up a special accountthat would be administered by the New Jersey MeadowlandsCommission, a state agency. Prime sponsors of the bill are senatorsPaul Sarlo (D-Bergen) and Joseph Coniglio (D-Bergen).

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.