MAY 19, 2015, 10:14 PM LAST UPDATED: WEDNESDAY, MAY 20, 2015, 10:42 AM
BY LINDA MOSS
STAFF WRITER |
THE RECORD
Around 150 members of Bergen County building trades unions attended an East Rutherford Council meeting on Tuesday urging the borough to pass a resolution and introduce an ordinance for the bonds necessary to pave the way for completion of the American Dream project. The Council passed the resolution.
EAST RUTHERFORD — About 150 members of area trade unions came to Borough Hall on Tuesday evening to urge the Borough Council to take the next steps necessary so the American Dream project can get fully under way, and the governing body did just that.
Taking action before a standing-room-only audience that overflowed into the halls, the council — despite several dissenting members — passed a resolution revising terms of its bond agreement with developer Triple Five for the shopping and entertainment complex. In addition, the council introduced an ordinance relating to the Payment-In-Lieu-of-Taxes, or PILOT program, associated with the development.
With those actions, part of a plan to have the borough act as a no-risk conduit for construction loans, the state Local Finance Board will now be able to review the amended finance agreement for approval. The goal is to get the ordinance on the agenda for the board’s June meeting.
The actions came as Rick Sabato, president of the Bergen County Building and Construction Trades Councils, implored the local governing body to support the project so that many of the area’s unemployed union members can get back to work. A year ago, Sabato estimated that American Dream will create jobs for 9,000 of his members over the next three years and beyond.
https://www.northjersey.com/news/with-unions-pleading-east-rutherford-moves-on-american-dream-commitment-1.1338013
