The federal government has released a draft environmental impact statement for Ocean Wind 1, Ørsted’s proposed wind energy project off the Jersey coast. The company called that a critical milestone in the permit review process. Now, the New Jersey Department of Environmental Protection will review the statement and provide feedback; the federal government’s final environmental impact statement is expected to be released next spring. The Murphy administration says Ocean Wind 1, which would be the first wind farm off the coast, is expected to create thousands of jobs and generate $1.7 billion in economic benefits.
As state lawmakers finalize work on the new budget, a recent audit shows New Jersey’s debt load is increasing. The audit finds that the state’s non-bonded debt rose by more than $40 billion during fiscal year 2021. Non-bonded debt included public worker pension obligations and retirement benefits. With that increase, New Jersey’s total debt is close to $250 billion. You can read more about this story here.
The latest on the American Dream mall’s money woes: After developer Triple Five missed a bond interest payment due on June 1, it withdrew more than $11 million from a reserve account to pay bondholders and avoid default. But the Wall Street Journal reports the payment did not resolve the default, because it did not include interest on the overdue balance. That’s according to a notice sent to bondholders. Triple Five didn’t immediately respond to a request for comment.
