By Real Estate NJ
A group opposing the American Dream Meadowlands project is suing to stop it from getting more than $1 billion in bond financing it needs to be completed, according to published reports.
The opponents, the nonprofit New Jersey Alliance for Fiscal Integrity, filed a letter Tuesday with the New Jersey Sports & Exposition Authority asking it to delay the $1.15 billion bond sale for the long-stalled retail and entertainment project. According to NJ Advance Media, the group said it plans to file the letter next week with the state Appellate Division.
The filing comes after the state authority last month approved minor amendments to the long-planned bond sale, allowing developer Triple Five to have the bonds issued through a Wisconsin financing agency in order to eliminate the risk to New Jersey taxpayers. But the New Jersey Alliance for Fiscal Integrity claims the NJSEA resolutions were missing information about the bonds and that the authority failed to give enough notice for its Aug. 25 board meeting.
For more, see Tuesday’s story by NJ Advance Media.
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Editor’s note: The Rundown is a regular feature by Real Estate NJ in which we recap commercial real estate stories and headlines from across the state.