Why didn't I see this before?
After begging the state of New Jersey for tax exemptions, which really mean corporate handouts, Triple Five, the new owners of the shit sandwich formerly known as Xanadu are reportedly seeking up to $1bn in public money to complete the infamous unfinished megamall project. This has quietly crept into the news after the fanfare surrounding their supposed rescue of the project like white knights saving the damsel in distress. It appears that they really don't have enough cash to finish the job. They really just want to scam taxpayers into handing over parts of their personal income, promising jobs, in order to give Kubla Christie a big wet blow job.
A recent story by Michael Gartland of The Record discusses how they're now asking Bergen County to sell municipal bonds in order to raise $400m. Why? Can't they find private investors themselves? One might argue that T5 hopes munis would be more attractive to investors because of their tax-exempt status. The deal that's on the table right now between them and the county is that taxpayers would not be liable for any debt. If that's the case, why offer public debt in the first place?
I highly doubt that the deal is gonna fly if T5 has to be liable for the debt. Anyone who thinks that they're that altruistic is a fucking fool. They obviously don't have the cash they need, so how could they possibly guarantee the debt themselves? That's why you ask for munis in the first place: they're government guaranteed by tax revenue. They can't get investors on their own to raise the $1bn because no one in their right mind wants to have anything to do with the Xanadu shitpile. The taxpayers are going to be in hock for this thing. Getting tax breaks from the state was just a foot in the door.
Triple Five never had any intentions of committing their own funds for this nightmare. They're nothing but a company of hucksters and thieves surviving on empty promises and other people's money. This project stinks, and its now going to be a huge liability to taxpayers while the developers profit, have orgies, take expensive vacations and buy yachts and fancy cars. Enjoy your indoor fucking skiing, New Jersey. You're paying for it, whether you ever go there or not.
Here's fucking part 39: