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Xanadu : Builder seeks $1B to complete ‘Dream’
The potential operators of American Dream Meadowlands — the project formerly known as Xanadu — are seeking to raise as much as $1 billion in public financing and tax breaks this fall, with the goal of resuming construction of the $3.8 billion project by the end of the year.
Kurt Hagen, a senior vice president for Mall of America, said Monday that while the plan may remind some North Jerseyans of the failed EnCap project just a few miles to the south, there is a critical distinction between the two projects.
“This is not public funding, it’s public financing,” Hagen said. “I know there were a lot of mistakes made in that [EnCap] project, and no one will want to make that mistake again. That’s a good thing, from the public’s standpoint.” (Brennan, The Record)
