From the New Jersey Alliance for Action
“In action that moves the $2.5 billion American Dream project in the Meadowlands one step closer to becoming a reality, the East Rutherford Borough Council voted unanimously last night to issue up to $675 million in bonds to finance construction.
An overflow crowd jammed into the council meeting room for the vote.
The project still needs to secure another piece in its financing: up to $390 million in state tax breaks from the state Economic Development Authority.
The project is expected to create 9,000 construction jobs.
When complete, the American Dream is expected to feature more than 400 retailers, restaurants and services as well as an indoor ski slope, aquarium, hockey rink, observation wheel and other features.”