New Jersey

A lawsuit seeking $389 million filed by a representative of junior lenders is the latest financial headache for the mall developer Triple Five.

A reserve account doesn't hold enough cover the semi-annual $8.7 million interest payment, said the bond's trustee.

The $10,000 state and local tax deduction cap is an important issue for high tax states like New York and California and investors who trade paper from those states.

The $292 million federal grant comes from the Mega grant program for large, complex infrastructure projects, which had a "wildly competitive" first year, said Transportation Secretary Pete Buttigieg.

Gov. Phil Murphy is behind the push for the Garden State to develop offshore wind power, ramping up from 3,500 megawatts by 2030 to 11,000 megawatts by 2040.

The action affects about $312 million of debt. The outlook, previously positive, is stable at the new, higher rating.

Passenger counts at the three airports were higher in November than in November 2019, marking the first month they beat a pre-pandemic comparison.

"I'm thrilled to have that opportunity to join the team," Patrick McCoy says. "It's a very important project with regional implications. To be part of that team is going to be very exciting."

The trustee for $800 million of PILOT bonds for the New Jersey shopping complex said the mall's owners were $2.6 million short for a Dec. 1 payment.

The Port Authority of New York and New Jersey expects its bottom line to return to pre-pandemic levels in fiscal year 2023, according to its recently announced budget.

The agreement has the potential to ease pressure on $1.7 billion of separate tax-exempt bond debt taken on to finance the massive mall and entertainment venue.

More than two years after COVID derailed three JFK Airport's high-profile terminal deals, the final project is now on track for groundbreaking early next year.

Proceeds are destined for improvement projects across the 290 miles of roadway that make up the New Jersey Turnpike and Garden State Parkway. 

The $53 billion Army Corps of Engineers plan is the largest of hundreds of coastal protection projects launched since Superstorm Sandy swamped the area in 2012.

The announcement from Gov. Phil Murphy follows mounting concerns among local representatives about he safety and reliability of the city's water infrastructure.

The Investment Company Institute reported $5.128 billion of outflows for the week ending Oct. 5 after $5.374 billion of outflows the previous week.

Local leaders have met with New Jersey Department of Environmental Protection officials twice over the last two months over concerns about operations of Trenton Water Works, the local utility provider.

Friday's action brings the state's outlook to positive with all four major credit rating agencies.

The mall operator want a downward reassessment of the property's estimated value, a move that could reduce quarterly PILOT payments that back tax-exempt bonds.

Improved commitments to pension funding, coupled with other changes to the two states' retirement systems, have yielded bond rating upgrades for both.