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Miami’s “Mega Mall” Project Could Get Subsidized By Tax Dollars
Concerns over the increase in traffic congestion that will arise from the construction of the proposed “mega mall” project in northwest Miami-Dade, have been all the talk since the project was first announced.
Triple Five, the developers of the proposed American Dream Miami project, says it has estimated that the project would create 70,000 trips per day, 5,000 of those trips would occur during the already saturated afternoon rush hour traffic.
On the surface, the project appears as if it would be a big financial boon for Miami-Dade County, regardless of the increased traffic, but will the mall become a financial burden for taxpayers?
But how much will the American Dream Miami project actually cost taxpayers in the years to come?
Triple Five says that the project will be privately funded, but in looking at the group’s past track record of “mega mall” development, taxpayers were left to subsidize the group’s endeavor in New Jersey.
The New Jersey mega mall project, which has been bogged down by financial issues for over a decade, has been estimated to cost a total of $2.7 billion.
New Jersey authorities have already allocated $1.15 billion in tax-exempt government bonds to help pay for the project, while Triple Five committed to investing the remaining $1.5 billion.
A nonprofit organization representing taxpayers and business owners is trying to block the sale of $1.15 billion in tax-exempt bonds to finance American Dream, an unfinished megamall begun more than a decade ago in the New Jersey Meadowlands.-Bloomberg
So, while south Floridians will undoubtedly have to negotiate through even more traffic once the American Dream Miami mall is built, will they also be saddled with paying for the project?
Will Triple Five eventually ask state legislators and county officials to subsidize the mega mall project?
The post Miami’s “Mega Mall” Project Could Get Subsidized By Tax Dollars appeared first on Shark Tank.
Source: http://shark-tank.com/2016/12/11/miamis-mega-mall-project-could-get-subsidized-by-tax-dollars/
