The following is Part II of a Christie Watch investigation into the American Dream mega-complex at New Jersey Meadowlands. In Part I, published yesterday, Christie Watch reported how Christie’s mentor, David Samson, former chairman of the Port Authority and founder of the powerful Wolff & Samson law firm, was involved with several Christie aides on nearly every side of the project. In Part II we continue the story, including how Wolff & Samson and its allies found the cash to restart American Dream.
Conveniently, when Lori Grifa, the Wolff & Samson attorney and former Christie appointee at the Department of Community affairs, left the DCA at the end of 2011 to return to Wolff & Samson, she brought Triple Five, the builder of the American Dream complex, with her as a client. Triple Five clearly expected the firm to get them the funding they needed to make the project a reality—and, so far, they haven’t been disappointed. Although construction has not restarted, an April agreement between the firm and labor unions appears to be one of the last remaining obstacles. Triple Five agreed to pour $1 billion more into the project—but only if the state came up with money from the public coffers. Perhaps they counted on the fact that, ever since taking office, Christie has supported huge corporate tax breaks to get companies to stay in New Jersey, and Wolff & Samson’s lobbyists worked hard to persuade state legislators to pass bills favoring those tax breaks. Many of Wolff & Samson’s clients ended up as recipients, and the largest tax break went to Wolff & Samson’s client, Triple Five and the Meadowlands Xanadu project, newly renamed as the American Dream.
Now, enter Michele Brown, yet another of Christie’s former assistant US attorneys. Brown is exceedingly close to Christie, who once improperly helped provide her with a personal loan. In 2009, Brown worked alongside Marra during the Big Rig III sweep that burnished Christie’s reputation as a tough prosecutor. Back then, Brown was suspected by some of secretly providing help to candidate Christie from her position at the US Attorney’s office, according to The Jersey Sting, a book by Ted Sherman and Josh Margolin, two reporters then with the Newark Star-Ledger. After he was elected governor, Christie appointed Brown to head New Jersey’s powerful Economic Development Authority (EDA). And it was Brown’s EDA that, in 2013, arranged the tax break for Triple Five. In November 2013, EDA backed a $390 million development grant for the project, telling the EDA board that the agency had coordinated closely with Marra’s NJSEA, the state treasurer and county officials to work out the financing package for the developer.
The EDA grant is part of the financing package arranged by Triple Five. It involves an incredibly convoluted and risky set of arrangements, according to which as much as $500 million in bonds issued by the tiny town of East Rutherford, New Jersey (population: 8,000), in turn will be sold to the Bergen County Improvement Authority, and then sold again. The BCIA is a quasi-autonomous body that helps its parent, Bergen County, and county towns access funding for projects.