It sits next to the publicly owned Meadowlands complex. A state authority helped sell the tax-free municipal bonds to get it built. And multiple governors — from Jim McGreevey to Phil Murphy — toured the construction site over the last two decades and touted its oft-delayed opening.

The average taxpayer could be forgiven for believing the state of New Jersey built the new American Dream mega-mall due to open this Friday in East Rutherford.

It didn’t. A series of private developers, ending with the Canada-based Triple Five Group, constructed the massive 3-million-square-foot retail and entertainment complex just off the Turnpike.

But more than $1 billion in taxpayer money — from lucrative state tax incentives to local property tax deals and transportation upgrades — could potentially be tied up in the success or failure of American Dream, according to an analysis by NJ Advance Media.

An exact figure is difficult to pin down.

“It’s a question mark for me," said state Senate Majority Leader Loretta Weinberg, D-Bergen. “You have to factor in the land, the tax rebates, the various developers that came in and out, the services that have been provided. There are so many factors."

Here’s what public money has verifiably gone into the complex:

STATE TAX INCENTIVES

The state Economic Development Authority approved up to $390 million in state tax incentives for American Dream in 2013 and again in 2017 as the state awaited its delayed opening.

Under the deal, Triple Five had to show state officials that American Dream would be a net benefit for the state — meaning it would bring in far more tax dollars for New Jersey than it would cost the state in tax breaks for the company.

Developers have projected bringing as many as 16,000 jobs to the area, along with an increase in tourism and revenue for New Jersey through sales tax.

Triple Five can redeem the tax credits only after the mall opens and starts making money.

Critics said the deal was bad for New Jersey. If American Dream is successful, it got a $390 million pass from the state on paying its fair share of taxes, said Jeff Tittel, New Jersey director of environmental group the Sierra Club, and a chief critic of the tax incentive deal. That tax money could have gone to paying for new roads, schools or other public projects.

New Jersey never withdrew the deal, even when it looked like American Dream might never get built.

“It’s sort of like the Dracula of malls," Tittel said. “It keeps coming back. And each time, it gets bigger and bigger. And more and more money goes into it.”

LOCAL TAX INCENTIVES

The state’s Local Finance Board in Trenton backed a plan in 2015 to grant American Dream local redevelopment tax incentives that could be worth up to $800 million.

Triple Five used that tax incentive deal along with the state tax incentive agreement to help back a financing package to get the money that ultimately got American Dream built and ready to open.

With the help of the New Jersey Sports & Exposition Authority and the Wisconsin Public Finance Authority, a quasi-public agency that helps with bond deals, Triple Five offered $1.15 billion in tax-free municipal bonds to investors in 2017 to help cover the cost of construction.

American Dream also has a PILOT — or a payment-in-lieu-of-taxes deal — to pay East Rutherford a fee every year in exchange for operating within the borough.

East Rutherford Mayor James Cassella said the Bergen County borough got $20 million in an upfront payment for its new police and court facility from Triple Five. After that, Cassella said, the borough received two $750,000 payments and a $2.3 million payment for sewer charges in 2017.

Going forward, the mayor said, the borough will receive a $1 million payment after the complex opens.

And going into next year, the borough will begin receiving PILOT payments, escalating from $2.5 million up to $7 million, depending on the Consumer Price Index.

“It will continue to rise," Cassella said. “It’s really not costing us anything. Financially, it’s a big benefit because of the money coming in. And it’s already been a benefit because we have a new police station and a new court.”

Other nearby municipalities, including Carlstadt and Secaucus, which threatened to sue American Dream over traffic issues earlier this year, also have payment deals with American Dream. Carlstadt is due to receive $1 million a year and Secaucus will get $100,000 annually under the agreements.

TRANSPORTATION INVESTMENTS

NJ Transit has invested in adding bus and train lines that Triple Five hopes will bring visitors to American Dream via mass transit.

The publicly funded $185 million Meadowlands Rail link opened in 2009 to bring trains to the Meadowlands Sports Complex for sporting events and eventually help bring people to the planned mega mall, which was then called Xanadu. But no daily trains are scheduled to bring shoppers directly to American Dream, as of now.

Instead, visitors can take an NJ Transit train to Secaucus Junction, then take a new shuttle bus to American Dream.

NJ Transit officials have said they plan to spend about $8 million a year to bring more transportation options to the area. They include added local bus line stops that will likely be used by American Dream employees.

PUBLIC SAFETY

The State Police will patrol the complex and the New Jersey Sports & Exposition Authority’s fire department will handle any fires. But American Dream has agreed to pay for both, state officials said.

East Rutherford said neither its police nor fire department will be involved, unless they are needed. Cassella, the mayor, said the borough will be reimbursed if their public safety officers are called in.

NET BENEFIT FOR NEW JERSEY

Will promised tax incentives and other public money spent on the infrastructure around American Dream be worth it?

While critics have said the state has been overly generous in banking on the mega mall’s success, some lawmakers have said the taxpayers of New Jersey will be winners in the end.

In addition to the money reaped by construction workers and firms who helped built the complex, there will be permanent jobs for workers in the retail shops, theme parks and entertainment venues, state officials said.

Former Gov. Chris Christie once predicted American Dream would bring New Jersey $3.5 billion in tax revenue over 20 years, including $2 billion in sales tax and $1.5 billion in corporate tax, income tax and other state taxes.

Current Gov. Phil Murphy has used similar numbers while touting American Dream’s potential payoff for taxpayers, though administration officials note they are still only projections.

Matthew Saidel, a spokesman for Murphy, said the governor “looks forward” to the complex opening.

“The attractions associated with this development will provide extensive sources of entertainment for families in New Jersey and the greater region and the tax revenue generated from this long-awaited project will be an added benefit to the residents of our state.” Governor Murphy believes this project has provided our residents with extraordinary opportunities for good-paying construction and building jobs, as well as opportunities for New Jersey’s business owners."

Weinberg, the veteran member of the state Senate, is among the lawmakers who remain skeptical about whether American Dream will truly benefit taxpayers in the long run as it begins its slow phased-in opening over several months.

“I’m going to hold my breath through the various chapter openings — when we watch how many people decide to go and how they get there and what happens to our roads,” Weinberg said.

See more of our ongoing coverage of the upcoming American Dream mega-mall here.

Kelly Heyboer may be reached at kheyboer@njadvancemedia.com. Follow her on Twitter @KellyHeyboer. Find her at KellyHeyboerReporter on Facebook.

Brent Johnson may be reached at bjohnson@njadvancemedia.com. Follow him on Twitter @johnsb01. Find NJ.com on Facebook.

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