Mayor Mark A. Smith announced that financial arrangements are now complete for Bayonne Crossing, the shopping mall that the Cameron Group is constructing on Route 440 near 22nd Street. Smith said, "This is great news for the people of Bayonne. This development will provide up to 1,200 union building trades jobs during the construction phase and 900 retail jobs when the buildings are completed. I would like to thank all of the businesses and government agencies involved in moving this project forward."
Bond Counsel Joseph P. Baumann, Jr., a partner in the law firm of McManimon and Scotland, advised Mayor Smith that all of the parties have signed the last round of financial documents needed for the project. The parties have now closed on the land, the various loans, and bond issues involved.
Baumann explained that it has taken seven years from the developer's first interest in the Bayonne mall concept in 2002 to get to this point. He said, "The journey has endured many challenges, 74 separate public votes, 23 separate permits and governmental approvals, and the cooperation of ten different public bodies, several multinational corporations, a railroad, and many other private parties."
Smith concluded, "The successful completion of the financing for Bayonne Crossing required the intense commitment of Tom Valenti and Eric Alderman of the Cameron Group. Their dream has been to build a great new shopping center here in Bayonne. The City of Bayonne is happy to have done everything possible to bring their plans to fruition. I look forward to the economic boost that this great project will provide to our community."
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