Bergen County authority advances plan to issue $400M in bonds for American Dream project
Tuesday, March 19, 2013 Last updated: Tuesday March 19, 2013, 1:14 PM
BY JOHN BRENNAN
STAFF WRITER
The Record
The Bergen County Improvement Authority board on Tuesday unanimously approved a pair of resolutions that will lead to the agency making an application to the Local Finance Board expressing its intent to issue at least $400 million in bonds for the American Dream Meadowlands project.
The bonds would be part of a $1.75 billion financing package that would also include $200 million in equity from developer Triple Five as well as private funding.
The board spent more than an hour at the special session asking questions of several executives, attorneys and bankers involved in the project, with many of the inquiries seeking to clarify that the agency can still back out of the project if certain conditions are not met.