American Dream mall developer receives $390M tax break

November 03, 2013 12:00PM

The developers of the long-stalled American Dream mall project in New Jersey’s Meadowlands just received a huge break in the form of $390 million off their taxes.

The New Jersey Economic Development Authority hopes the tax break will help developer Triple Five Group wrap up construction on what Governor Chris Christie has called “the ugliest damn building in New Jersey and maybe America,” in the next six years, according to Law360.

The tax break underpins approximately $800 million in bonds issued by East Rutherford and the Bergen County Improvement Authority. As part of the deal, East Rutherford will receive up to $126 million from Triple Five over the next 30 years.

Currently the project is 80 percent complete and it will eventually include 2.9 million square feet of retail, entertainment, dining and attraction space, in addition to an almost 700,000-square-foot indoor amusement and water park. [Law360] – Christopher Cameron