Jones Lang LaSalle
Senate Considers Xanadu Sales Tax Bill
By Eric Peterson
TRENTON-The State Senate’s transportation committee is slated today to consider a bill (S-1790) that would funnel 60% of the sales taxes generated by the Meadowlands Xanadu shopping and entertainment complex to Bergen County. The complex, under construction and scheduled to open by the end of 2007, is located in East Rutherford in Bergen County. It is being developed by Mills Corp. and Mack-Cali.
Specifically, the estimated proceeds of $17 million a year would go to pay for road improvements along Route 3 from Lyndhurst to Secaucus, and Route 17 from Ridgewood to its intersection with Route 3. If passed, the legislation would set up a special account that would be administered by the New Jersey Meadowlands Commission, a state agency.
"It is only fitting that some of the new revenue…that will be generated by [Xanadu] be set aside for these road projects in order to alleviate the negative impact which this state-approved major development will have," S-1790’s introduction reads. Prime sponsors of the bill are senators Paul Sarlo (D-Bergen) and Joseph Coniglio (D-Bergen).
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
Senate Considers Xanadu Sales Tax Bill
By Eric Peterson
TRENTON-The State Senate’s transportation committee is slated today to consider a bill (S-1790) that would funnel 60% of the sales taxes generated by the Meadowlands Xanadu shopping and entertainment complex to Bergen County. The complex, under construction and scheduled to open by the end of 2007, is located in East Rutherford in Bergen County. It is being developed by Mills Corp. and Mack-Cali.
Specifically, the estimated proceeds of $17 million a year would go to pay for road improvements along Route 3 from Lyndhurst to Secaucus, and Route 17 from Ridgewood to its intersection with Route 3. If passed, the legislation would set up a special account that would be administered by the New Jersey Meadowlands Commission, a state agency.
"It is only fitting that some of the new revenue…that will be generated by [Xanadu] be set aside for these road projects in order to alleviate the negative impact which this state-approved major development will have," S-1790’s introduction reads. Prime sponsors of the bill are senators Paul Sarlo (D-Bergen) and Joseph Coniglio (D-Bergen).
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
posted by Jones Lang LaSalle NJ News Blog at 12:10 PM
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