The long-delayed American Dream shopping and entertainment complex is looking more like a reality – which could be a nightmare for North Jersey malls. The Recordsays American Dream has signed the luxury brand Hermes as a tenant and lured it away from The Shops at Riverside in Hackensack. Retail experts, however, are betting the existing malls in Bergen and Passaic counties will be able to hold their own. As long as they are able to evolve, there is plenty of spending power in the region to withstand competition from a new project.
LAWMAKERS AIM TO HELP COUNTY GOVERNMENTS RAISE MORE MONEY, SPEND LESS
New Jersey lawmakers say they are moving forward with a package of legislation that would open up new revenue streams for county governments that aren't tied to property taxes. NJ Spotlight says the money would come from bills authorizing county governments to levy a 1 percent tax on hotel rooms and to establish a special $5 Superior Court security fee. The bills come at a time when scrutiny of government spending is on the rise, thanks to property-tax bills that are at an all-time high.
REPORT: GARDEN STATE IS WASTING ITS WASTE, SHOULD BETTER UTILIZE BIOMASS
A new report by Rutgers University's New Jersey Agricultural Experiment Station has found that more than 4 million tons of New Jersey's biomass – fuel derived from organic materials like plants and waste – could be used to produce electricity or propel transportation each year. NJ Spotlight says 72 percent of New Jersey's biomass is produced directly by the state's population, typically in the form of municipal garbage.
HUDSON CITY BANK TO PAY $33 MILLION IN REDLINING SETTLEMENT
The US Department of Justice has charged Hudson City Bank with routinely redlining in New York, Connecticut, and New Jersey – a devastating form of discrimination designed to keep minorities confined to certain areas. NJTV says the bank redlined Hispanic and African American communities by refusing to offer them affordable mortgages and avoiding building bank branches in minority neighborhoods. The US District Court is expected to approve a $33 million settlement, but Hudson City has neither admitted nor denied any wrongdoing.
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