YUDIN DEMANDS AN INVESTIGATION OF XANADU

BERGEN COUNTY REPUBLICANS

Robert Yudin, Chairman

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HACKENSACK -- Bergen County Republican Party Chairman Robert Yudin says he wants a state investigation into the finances of  giant Meadowlands mega-mall Xanadu project – and its failure to open on time.  

Officials of the Sports Authority said today that the planned August opening for the massive Meadowlands Xanadu project has been postponed due to a default on a construction loan that threatens the funding for the $2 billion complex. 

“Xanadu is turning into the biggest white elephant in state history, said Yudin, who said the taxpayers have a right to know if  Gov. Corzine plans to bail out the project with more public money. “Is there going to be a taxpayer bailout for Xanadu? If so, we need to know, now,” said the chairman. 

“The state Democrat Party and the Bergen County Democrat machine have backed this project from Day One and poured millions of dollars of taxpayer money into Xanadu improvements and now it is obvious that taxpayer investment is at risk,” said Yudin. 

“This project was never fully vetted for its viability,” said Yudin. “Wild promises of jobs and revenue were made, but it is doubtful those promises will ever be realized.”   

“In this economy it is doubtful whether Xanadu is a fully viable project and whether the taxpayers are ever gong to see a return on the millions of  dollars they were forced to pour into improvements to supplement this massive project,” added the chairman

“The state legislature and the governor’s office should be investigating where the money has gone on this project and whether it is worth pursuing in its current form,” said Yudin.