The Bergen County Improvement Authority wants the state to OK $800 million in bonding in an effort to bolster a floundering, long-delayed East Rutherford construction project.
A complex plan initially approved Tuesday involving three public agencies would provide much needed cash to Triple Five, the Meadowlands project’s private developer.
The American Dream site, formerly known as Xanadu, has largely sat incomplete and untouched since at least 2009 when it was plagued by recurring financial problems, according to a report in The Record.
Bonds issued by BCIA stand to produce as much as $524 million backed by future tax payments and $376 million backed by sales and corporate-income taxes, according to documents obtained by The Record.
While Triple Five hasn’t officially named any tenants for the property documents submitted to BCIA show mock-ups featuring Forever 21, Uniqlo and Zara, according to the report.
The developer is also facing a roadblock from its familiar neighbors.
The Giants and Jets, the football teams that play at the adjacent MetLife Stadium, are in state Superior Court trying to enforce a 2006 agreement allowing them to block problematic developments in the East Rutherford complex. Triple Five, for their part, contends that the American Dream would pose no such nuisance to the NFL teams.
With Super Bowl XLVIII headed to MetLife Stadium in February 2014, the Xanadu project has been the “butt of jokes and a source of statewide embarrassment” for the past several years.