05 May '11, 4pm

Forget rail funding! NJ wants to throw more money at a big-ass mall:

Forget rail funding! NJ wants to throw more money at a big-ass mall:

Much bigger and more expensive, but less gaudy: Gov. Chris Christie and developers laid out a new vision on Tuesday for completing and expanding the vast retail and entertainment complex formerly known as Xanadu in the Meadowlands.... "It's finally going to move forward now," Mr. Christie said of the project, which has already burned through $1.9 billion and two developers, each of whom ran out of money.... The state has already spent, by some accounts, as much as $1 billion on financing, tax breaks and highway improvements to support the development. The state will provide about $200 million in financing to [the latest developer,] Triple Five, and Mr. Christie has said that in return for such aid, the state must share in the benefits if the project succeeds. The governor declined to say on Tuesday what financial arrangements would be made, but said, "we will get our inves...

Full article: http://www.grist.org/infrastructure/2011-05-05-new-jersey...

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