Governor Christie once called it the ugliest building in New Jersey. Now he’s saying a multi-billion dollar retail and entertainment complex in the Meadlowlands will be vital to the state’s economy.
Known as Xanadu when it was approved in 2003, the project was plagued by a series of financing problems and construction delays. Christie says what’s now called the American Dream is on the way to becoming a reality.
“So after this project languished during previous administrations and a few other bumps along the way on our own, this project is progressing vigorously and a new completion date is scheduled for March 2019.”
Christie says the project will be a good deal for New Jersey taxpayers.
“Over the first 20 years of operation, an average of $3.5 billion in tax revenue will be paid to the State of New Jersey. That’s a nine-to-one return on our investment of our $390 million in ERG grants approved the EDA.”
Christie says the project will create more than 23,000 permanent jobs.