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Trump to front money, scale up landfill project
(by Corey Klein - April 17, 2008)
Celebrity real estate mogul Donald Trump gave a message to the State of New Jersey: Ditch the current landfill redevelopment plan in the Meadowlands. Trump, whose organization took control of EnCap Golf following numerous environmental and financial mistakes, wants to amp up the project.
While Trump has yet to reveal any specifics regarding his plans for the Meadows, he said it would include a "world class" golf course with "world class" retail, commercial and residential facilities.
Still, Trump acknowledged that the task of convincing the state and the local towns to accept his plan still lies ahead. "We, of course, recognize there are a myriad of mechanical, legal and other tasks that must be accomplished to fulfill this vision, including a full vetting of this project by the local communities. I look forward to working with the State and local stakeholders in this effort," wrote Trump in his letter to the state attorney general.
Trump’s April 15 letter was in response to two requests from the state. The first was a request for a budget for the closure and remediation of landfills in Rutherford, Lyndhurst and North Arlington. The second request was Trump’s proposal to pay off the debts incurred by EnCap.
Trump gave the state a budget, but did not have a proposal to cure EnCap’s financial defaults. Instead, Trump said he is in talks with EnCap’s biggest backer, Cherokee, to buy out its interest in the project. Secondly, he said he would soon front "significant sums" of his own money to entice lenders to back the project.
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