By Sarah Stecker, Policy Analyst
http://www.njpp.org/blog/
Last month, in order to facilitate a deal that the state had already cut, Governor Christie signed a bill significantly expanding two programs that provide tax subsidies for developers, the Economic Redevelopment and Growth grant and the Urban Transit Hub Tax Credit.
One section of the bill (S2972/A4161, P.L. 2011, c. 89) changes state law for the benefit of a single developer, the Canadian firm Triple Five Group. The deal made by the state, worth up to $350 million in tax breaks on the company’s more than $1billion investment, enticed Triple Five to resurrect the five-year-old, on-again-off-again eye sore previously known as Xanadu. The developer rebranded the half-finished mega mall as the American Dream at Meadowlands and said that in addition to \”high-end\” retail the mall would include an indoor ski slope, skating rink and a wave pool. The state estimated that upon completion the project would generate a whopping 35,000 permanent jobs.
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