“The intention of the law is noble,” says Ted Zangari, a Newark-based redevelopment law attorney with Sills Cummis & Gross. “No one wants to see the kind of waste and abuse [by EnCap] that was documented by the state auditor. But the new law is misguided in a number of ways, beginning with the requirement of a 110% performance bond. Let’s not forget that performance bonds were in place on the EnCap project and yet completion of site work is far from a sure thing.”
NORTH ARLINGTON, NJ-On Monday here, Gov. Jon Corzine signed the so-called “Anti-EnCap” bill, which establishes oversight on certain public-private projects, into law. After a string of victories in the legislature, the move was a rare defeat for the commercial real estate industry and economic development community that maintains the bill was an overreaction to the controversial EnCap project in the Meadowlands.