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>Donovan Defends Support for Investment in "White Elephant" Xanadu

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Donovan Defends Support for Investment in “White Elephant” Xanadu

An Open letter:

Dear Dennis:

There you go again. Trying, clumsily I might add, to misrepresent my positions. But this time you’ve shown that you don’t know the difference between a bailout and an investment. Let me help you.

What I have tentatively endorsed for Xanadu is a tightly controlled public investment in a project which has already received more than $2 billion of private investment with more on the way. This investment would be unlike the deal you and your Democrat friends made with your cronies at EnCap. You remember. The deal which resulted in the public loss of tens of millions of taxpayer dollars. The deal which generated a scathing report from the Inspector General and is now rumored to be under investigation by the US Attorney.

The investment in Xanadu will create thousands of construction and full time jobs and be repaid by revenues generated by the development. Dennis, do you oppose investing in job creating projects? Don’t you want to help unemployed Bergen County residents?

You said that the investment I support is a “bailout” for billionaires. Dennis, if you’re referring to Steve Ross of the Related Companies I’ll bet he’s surprised he needs a bailout–he’s not even there yet, is he?

Dennis, no wonder the County’s finances are in such bad shape. But now that you know the difference between a bailout and an investment I hope that you’ll join with me in supporting economic growth and job creation at Xanadu. Working families in Bergen County are hoping that you’ve seen the light.

Sincerely,

Kathleen A. Donovan

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