>Rooting for the American Dream
County Executive Kathleen A. Donovan
Friday December 9, 2011
The Record ~ Op-Ed
I APPRECIATE the opportunity to respond to Carl Golden’s article in the Sunday Opinion section (“Will this Dream Come True?” Dec. 4).
I take exception to his use of the phrase “too big to fail.” There is no benefit in making tortured comparisons of American Dream Meadowlands and the big banks.
The people of Bergen County, many of whom work in the financial services industry, have suffered terribly during this recession. Residents are looking to their leaders to provide solutions.
My administration is dedicated to eliminating economic fear and uncertainty. We are committed to creating a climate that allows for a return to economic growth and prosperity.
To that end, at a time when there is 40 percent unemployment in the construction trades, American Dream will provide employment for more than 9,000 workers.
Furthermore, with overall unemployment approaching all-time highs, American Dream, when completed, will provide some 15,000 full-time jobs on-site. The economic and social ripples will be astronomical. What Mall of America did for Bloomington, Minn., American Dream will do for Bergen County and the region.
Triple Five, in addition to its own considerable investment and previously secured venture capital, has sought other financing mechanisms as well. It has applied for the Tax Increment Financing program, which is incentive to businesses regulated by the state Economic Development Corporation.
A TIF, as this financing instrument is called, does not require the taxpayers of Bergen County to invest anything. It is in effect a loan by New Jersey that is paid for by a portion of the sales tax proceeds generated by the development.
Acting as a pass-through
Triple Five has also informally requested that Bergen County act as a pass-through agency to allow for bonds to be sold to investors in an offering they have negotiated with the State of Wisconsin.
The developers of American Dream have never proposed that the county provide funding or assume risk for the project. And if they had sought to burden the taxpayers of Bergen County for this project, the answer from my office would have been and will always be a resounding “No!”
What distinguishes Triple Five’s realistic and good-faith financing plan from the prior specious economic projections, faulty engineering schematics and inexperienced developers that propelled the failures of Xanadu and Encap is that their business model has already been proven successful – not once, but twice. Unfortunately, politicians like Senator Bob Gordon who sat by and watched as the taxpayers were fleeced for Encap and Xanadu, purposely distorted these facts to serve his own short term political agenda; to get elected, even at the cost of the truth.
The developers of American Dream have identified Xanadu’s fatal flaws and have proposed remedial action. Their formula for success is modeled after the successful Mall of America and West Edmonton Mall – two of the world’s largest and most successful that attract tourists from all over the world.
The amusement/water parks they have proposed are signature components of their other successful ventures and also reflect the ingredients that have made Disney in Orlando one of the greatest tourist draws in the world.
The people of Bergen County know that I have consistently opposed corporate welfare. I was the only public official to criticize the previous administration in Trenton that allowed the owners of the Jets and Giants to sell personal seating licenses and pocket the approximate $800 million gain without paying one nickel of tax to New Jersey. That’s corporate welfare in its purest form. How many jobs did that $800 million windfall create? What are the social and community benefits? There is no comparison to Triple Five’s unparalleled reputation for quality retail experiences, commitment to civic and philanthropic causes and the environment, in addition to a philosophy of supportive integration with local economies.
An environmental role
Triple Five takes its environmental leadership role seriously. For example, Mall of America has utilized cutting-edge environmental technology for decades, recycling more than 60 percent of its waste – an average of 32,000 tons per year.
It converts the fat from restaurant fryers into more than 4,000 pounds of biodiesel per month. The comfortable 70 degrees inside the mall is maintained with passive solar energy from 1.2 miles of skylights and heat generated from store fixtures and lighting and the body heat from mall patrons.
These environmental benchmarks are among the reasons the mall was chosen to host the Big Green Conference in 2010.
When this exemplary environmental record is combined with Triple Five’s philanthropic outreach to many charities and organizations such as Big Brothers and Big Sisters, Special Olympics and the Make-a-Wish Foundation, Bergen County residents will have a willing partner in making our community an even more wonderful place to live.
American Dream is a symbol of economic, social and community renaissance that reflects the best elements of public/private sector partnership.
“Will this Dream come true?” Hopefully, yes!
Most importantly, I support the American Dream Meadowlands not because it is too big to fail, but rather because it is so important it must succeed.
