Gov. Chris Christie and developers laid out a new vision on Tuesday for completing and expanding the vast retail and entertainment complex formerly known as Xanadu in the Meadowlands….“It’s finally going to move forward now,” Mr. Christie said of the project, which has already burned through $1.9 billion and two developers, each of whom ran out of money…
The state has already spent, by some accounts, as much as $1 billion on financing, tax breaks and highway improvements to support the development.
The state will provide about $200 million in financing to Triple Five, and Mr. Christie has said that in return for such aid, the state must share in the benefits if the project succeeds.
Bear in mind that this is on state-owned land, which means that the state of New Jersey has already contributed $1 billion out of the $1.9 billion spent so far while also donating the land, all for a privatized profit opportunity whose long-term contribution will likely be hundreds of low-wage jobs with no benefits, along with some sales tax revenue.
That is apparently the sum total of Christie’s vision for the future. Well, that and gutting real investments.
The grim letters are stamped and in the mail, or already in the anxious hands of thousands of teachers across the state: as of now, their school districts say, you may all be out of a job.Districts are required to send the non-renewal notices by Saturday to teachers and other staff whose jobs might be cut in the 2010-11 school year. Officials say they have little choice but to take drastic action when facing cash-strapped budgets.