Environmental Valuation & Cost-Benefit News
Sharp Rebuke for Developer in Big Project at Landfills
03/05/08
09:01:31 am, by damageva 
, 204 words, 216 views 
Categories: Contaminated Properties, Companies,CSR,Business,Finance, Brownfield Redevelopment, New Jersey, Newspaper/Mag/TV/Media Story, Contamination Cost, Costs and Benefits
Sharp Rebuke for Developer in Big Project at Landfills
The inspector general of New Jersey sharply criticized a developer and a politically powerful law firm, accusing them of bungling a billion-dollar project to clean up landfills in the Meadowlands and replace them with golf courses and houses. The official asked the state attorney general to determine whether a criminal investigation was warranted.
...EnCap Golf Holdings LLC, a subsidiary of a company based in North Carolina, was accused of deliberately misleading several government agencies about the progress of its cleanup work and its ability to finance the decade-old development despite receiving at least $315 million in loans from local and state agencies.
Gov. Jon S. Corzine requested the inspector general to investigate the project’s finances more than a year ago, after EnCap asked for an additional $450 million in bonds backed by the future tax revenue of several towns near the landfills.
...
“EnCap represented more than once that they could not make some pending payment without state concessions,” the report said. “However, when state representatives refused to make the concession, private funds materialized.”
By Ken Belson and David W. Chen
FOR FULL STORY GO TO:
http://www.nytimes.com/2008/02/29/nyregion/29encap.html?th&emc=th
The New York Times www.NYTimes.com
Published: February 29, 2008
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