Triple Five needs up to $2.5 billion in financing to complete American Dream Meadowlands, through a complex funding combination of bonds, a portion of sales tax and PILOTs and state Economic Development funding. The plan is for Triple Five to make PILOT payments to East Rutherford, under the RAB law, whereby the financial agreement together with the PILOTs paid will secure non-recourse RABs. "Proceeds will be used to make disbursements to the developer for project costs, pay the borough a sum certain to retire outstanding debt of the borough related to the project and fund borough purposes, establish reserves, if any, under an indenture of trust by and between the borough and a financial institution, acting as trustee for the RAB owners and pay costs of issuance for RABs," the ordinance reads.
Silly Atrios, New Yorkers will be clamoring to visit...