Meadowlands project seeks $1.2B in bonds

Alex headed to the New Jersey Sports and Exposition Authority in East Rutherford Thursday to watch a $1.2 billion giveaway.

The cash flow is intended to help jump start the American Dream Meadowlands mall project, formerly known as Xanadu. It's the unusual building in the shadow of MetLife Stadium just off the New Jersey Turnpike.

Development has been stalled for 14 years. Now it's being turned into a mall, and the company says the bonds -- representing 45 percent of the $2.7 billion construction costs -- will help put the project back on track. The bonds are to be paid back by sales tax revenue from the shops in the mall.

There was some opposition at the meeting. But when it came time to vote, it all went down short and sweet.

The construction process is set to resume soon, and the company says it's on track to open the mall in the summer of 2018. But shoppers will not be able to patronize it on Sunday thanks to Bergen County's blue laws, the stores will have to be shut down.

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