VANDERVALK/ROONEY INTRODUCE LEGISLATION PROHIBITING PUBLIC FUNDING FOR PRIVATE PROJECTS AT MEADOWLANDS COMPLEX

VANDERVALK/ROONEY INTRODUCE LEGISLATION PROHIBITING PUBLIC FUNDING FOR PRIVATE PROJECTS AT MEADOWLANDS COMPLEX A-3274 TARGETS XANADU AQUARIUM PROJECT 

With news reports speculating about the financial viability of the approved aquarium that would be part of the Xanadu Mall project, Assembly Republicans Charlotte Vandervalk and John Rooney, both representing Bergen County, today introduced legislation that would preclude the use of public financing related to privately owned, for-profit projects within the Meadowlands Complex.  While developers of the 4.8 million square foot project have yet to commit to the construction of the aquarium, concerns have surfaced that assistance from the state for some type of financial aid, similar to that given for the Camden aquarium, may be sought.

“This legislation is aimed at precluding the private-sector developers at the Meadowlands from seeking taxpayer support for their projects,” stated Vandervalk.  “The state should not have to subsidize companies who are in business to make a profit.  The aquarium does not have to be built if there is a concern that it represents a substantial risk.  The scope of the Xanadu project is quite expansive with indulgent amenities.  If the consortium of companies partnering in this development can’t build the aquarium because of cost or infrastructure issues, then so be it.  They shouldn’t come to the state looking for assistance.  This legislation makes it absolutely clear that no public entity will provide funding towards the construction or operation of any for-profit project by a private company at the Meadowlands.”

The Xanadu development will consist of five themed districts including: Sports, Entertainment, Fashion, Children’s Education, and Food & Home.  These hubs will be furnished with natural stone flooring, glass mosaic accents and carpeted seating alcoves.  In addition, patrons will have the opportunity to ride a 300-foot-high Ferris wheel, a 5,000-foot-long roller coaster, and a 140-foot-high indoor ski slope.  Legislation permitting the construction of an aquarium as part of the development was signed in August.

“New Jersey taxpayers should not be in the position of acting as a safety net for a private-sector venture at the Meadowlands,” remarked Rooney.  “While the impetus for this legislation is related to the potential construction of the aquarium, it will also encompass any other project undertaken by for-profit entities at the complex as well.  The recent national financial catastrophe has heightened everyone’s awareness about the appropriate role government should play in providing assistance to failures in the marketplace.  New Jersey cannot afford, nor should it be in the position to provide relief to a project that may fail at Xanadu.”

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