Bond Plan For American Dream Project Approved, Report States

The New Jersey Sports and Exposition Authorities has approved a plan to issue nearly $350 million in bonds to help finance the American Dream project in the Meadowlands.

The authority’s board announced that up $350 million in bonds backed by a state grant have been authorized to help finance the long-delayed project formerly known as Xanadu, NJ.com reported.

A state economic development board this week approved a tax break worth up to $390 million for the massive retail and entertainment complex. The sports authority’s board authorized the bond issuance based on that tax break, the report states. The authority called the move a “giant step forward” in helping to make the project a reality.

Developer Triple Five wants to open the doors on the much-delayed project in the summer of 2017, according to the report. The project is expected to create an estimated 10,600 new full- and part-time jobs.

(Photo: Courtesy of Wikimedia Commons)