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Business & Technology

Appeals Court Sides With Giant NJ Mall Over Financing

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Appeals Court Sides With Giant NJ Mall Over Financing

2016-09-28 02:50:58

On Tuesday, an appeals court in New Jersey sided with the state in its plan to allow $1.15 billion of tax-exempt bonds to help finance American Dream, the Garden State's mega-mall and entertainment complex, which has been under construction in the town of East Rutherford for over a decade. In its ruling, the court said that the bond documents make it clear that neither New Jersey taxpayers nor the New Jersey Sports and Exposition Authority, which has overseen the construction of the mall, would be on the hook to repay the bonds if the complex's developer Triple Five Group of Companies, fails to make debt service payments.

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