IT’S ABOUT TIME SOMEONE INVESTIGATES ENCAP FIASCO
Media Release
Senator Gerald Cardinale, R-Bergen, applauded the inspector general’s
long-awaited call for a criminal investigation into EnCap, the financially and
environmentally flawed golf course and condo project planned for the
Meadowlands, and he urged the New Jersey Division of Criminal Justice to begin a
thorough and unbiased criminal inquiry immediately.
“Democratic leaders ignored my calls for timely Senate committee hearings into whether taxpayers will be burdened by tens of millions of dollars in debt from this risky investment,” Cardinale said. “It would be inexcusable if the inspector general is also ignored.”
Since September, Cardinale has repeatedly urged the Senate Budget and Appropriations Committee to investigate reports that New Jersey may be stuck with $51 million in debt because it loaned a developer $212 million without sufficient collateral or financial guarantees.
“At a time when state workers face layoffs and services to taxpayers are at risk, it makes no sense not to dig deeply into why hundreds of millions in public money may have been squandered on a politically connected developer,” Cardinale said. “It’s this kind of irresponsible behavior that has led to our budget crisis.”
The inspector general said that “significant misrepresentations” were made about “qualifications and financial support on behalf of the private entity contracted to perform the remediation and redevelopment of the Meadowlands project.” She recommended the New Jersey Division of Criminal Justice investigate the plan to replace landfills with golf courses, a hotel and homes.
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