TRENTON, N.J. (AP) — A state financing board has approved about $800 million in bond issues to help finance a long-delayed mall at the Meadowlands.
The bonds would be issued by the town of East Rutherford and the Bergen County Improvement Authority. Officials stressed at Thursday’s hearing at the Department of Community Affairs’ Local Finance Board that taxpayers won’t be on the hook for the bonds should the project not be completed.
The mall was originally called Xanadu and was to open in 2007 before financial problems set it back. Developer Triple Five’s new design includes a Hollywood-themed amusement park, a waterpark, plus retail.
The New York Giants and New York Jets have sued the developer, claiming the mall will have an adverse effect on traffic on game days at adjacent MetLife Stadium.