University Operating Status

WEATHER UPDATE: The university remains open. For changes to schedules on Thursday, February 6, including remote instruction and operations due to expected weather conditions, check rutgers.edu/status

American Dream mall in New Jersey faces new bond woes

June 20, 2022

The municipal bonds that helped finance the nation’s second largest mall are showing signs of wobbling.

The American Dream mall in East Rutherford, New Jersey, was delayed for years, then opened shortly before the COVID-19 pandemic.

On June 3, the trustee for $800 million of bonds said in a notice posted on the Municipal Securities Rulemaking Board’s EMMA bond disclosure website that funds to support bond repayments were running late and, as a result, it made an unscheduled $11.36 million draw on a reserve account for the revenue bonds to make the June 1 interest payment. “In the event the May PILOT is not made on or before June 16, 2022, Default by the Developer will exist under the Financial Agreement,” the notice said.

**********************

Marc Pfeiffer, assistant director at the Bloustein Local Government Research Center at Rutgers, New Jersey’s state university, believes that might just give the megamall a fighting chance. He said that though the economic forecast is dire, the American Dream‘s non-retail offerings, as well as its location in one of the most densely populated areas of the U.S., might mean its best days are ahead if it can weather the lean times ahead.

“There’s nothing else like that combination, and even in the post-pandemic, order online environment,” he said. “I think there’s enormous potential for that on top of regional shoppers.”

The Bond Buyer, June 17, 2022 (subscription required)

 

Recent Posts

Public Policy and Surveillance Tech

By Marc Pfeiffer ICMA.org, February 1, 2025 I asked Claude.ai to define surveillance technology. In response, it replied, “devices, systems, or software that are used to monitor, track, and collect information on people, places, or things.” Municipalities use a wide...

Lindenfeld & Mauri Find Uptick for MOUD at FQHCs

Introduction To reduce morbidity and mortality among individuals with opioid use disorder (OUD), the evidence is strongest for medications for OUD (MOUD), which include methadone, buprenorphine, and naltrexone. Federally qualified health centers (FQHCs) are essential...

NJSPL: Ensuring Accurate & Equitable Vaccination Info

By Yonaira Rivera and Vivek Singh  In today’s digital world, large language models like ChatGPT are important sources of healthcare information, particularly for those who face barriers like insurance issues or language constraints. As part of the IMPACT-NJ project,...

2025 IHC Grant Program Funding Opportunities

The New Jersey Inclusive Healthy Communities (IHC) grant program has announced its latest Request for Proposals (RFP) for grants to local governments and nonprofit organizations to advance policy and systems change through the inclusion of people with disabilities to...

Ralph et al. Review e-Scooter Pilot Projects

Abstract Problem, research strategy, and findings Pilot projects are an increasingly popular tool for dealing with opposition to new ideas. The premise is simple—let experience change minds—but it belies considerable uncertainty. How do opinions evolve during a pilot...

Upcoming Events

Event Series CAREERS

Virtual Career Drop-ins

Virtual

Stop by virtually on Mondays (except for holidays) beginning February 3 through April 28 between 11 am and 1 pm to ask a quick (15 min) career-related question of Bloustein […]