Thursday, April 28, 2011
Secaucus Fats can't build a rail tunnel
That would contribute much to the economy of New Jersey and the region, but he has no problem giving up a huge part of New Jersey's revenue stream to help a private developer resuscitate a white elephant.
The Christie administration, lenders and a new developer have reached a deal to revive the vast Xanadu entertainment and retail complex, which sits forlorn and unfinished along a stretch of New Jersey highway after having burned through two owners and $1.9 billion, people involved in the negotiations said Thursday.For some strange reason Fats believes that state aid to a mall in a town with Sunday blue laws banning Sunday sales, next to Giant Stadium which provides restriction on game days and owned by a foreign company is good for New Jersey. But then again, Fats believes that going through life fat, loud and ugly is good.
The plan: make it even bigger, give it a new name and slap a new skin on the much reviled exterior walls of the 2.4-million-square-foot complex.
The new developer, the Triple Five group, will invest more than $1 billion in the seven-year-old project. And Gov. Chris Christie has agreed to provide low-interest financing and to forgo most sales tax revenue for a period of time, according to those involved in the negotiations, who declined to be named because they did not want to be seen as upstaging the governor.
They added that Triple Five, a Canada-based conglomerate owned by the Ghermezian family, would rechristen Xanadu as “American Dream@Meadowlands.”
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