From the Record:
A complex $2.8 billion closing on construction financing for American Dream Meadowlands was completed on Thursday, locking in the funds developers say they need to finish the long-delayed project.
The financing includes a combination of private funds and a $1.1 billion bond sale.
“We’re finally at the point where we don’t have to say ‘when’ – we can say, ‘It is happening’ – and that’s why we’re celebrating,” said New Jersey Sports and Exposition Authority President Wayne Hasenbalg.
Also celebrating Thursday was East Rutherford Mayor James Cassella, whose borough received a check from project developer Triple Five for $21.5 million upon the final closing Thursday morning.
That payment was part of a financial agreement that includes an annual payment in lieu of taxes deal for the project, which sits on state-owned land at the Meadowlands Sports Complex. It is scheduled to open in March 2019.
The bulk of the funds will go to paying off the annual debt service on a new police and court building complex that the borough built in 2010.
Cassella, who already was mayor when the project was first approved by the state in 2003, said it was a relief to see the deal close “after 14 years, three developers, nearly a dozen agreement drafts, and innumerable hours of negotiations.”