guest post by colleague Christopher Maag, who was at this East Rutherford Borough Council meeting last night that led to his report below:
East Rutherford approved a proposal Tuesday night that would bring about $128.6 million to the borough over 30 years for hosting American Dream, the huge shopping and entertainment complex in the Meadowlands.
The proposed financing package, quietly unveiled Tuesday night at the borough’s council meeting, also would save the borough $31 million in future interest payments on its new police station. The plan also includes about $22.5 million in upfront payments to be made as soon as a package of complex municipal bonds is sold to private investors.
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