NJ town signs off Meadowlands megamall

NJ town signs off Meadowlands megamall

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EAST RUTHERFORD, N.J. (AP) -- The town where the Meadowlands sports complex sits has signed off on its part of a public financing plan for a long-delayed megamall project.

The Record  reports East Rutherford's borough council signed off this week on a plan that authorizes up to $524 million in bonds to help developer Triple Five complete the project. In exchange, Triple Five will pay as much as $128 million to the borough over the next 30 years.

East Rutherford's vote moves forward Triple Five's plan to raise $1.8 billion to finish the project. State and county agencies will have to add their approval.

Triple Five also is facing a lawsuit by the New York Giants and New York Jets, who say the mall will create traffic nightmares on game days.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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