Financing plan for megamall project receives approval

EAST RUTHERFORD, N.J. (AP) -- A key part of the financing plan for an unfinished megamall in northern New Jersey has been approved, with officials targeting an opening date in the summer of 2017.

Officials say a plan to sell up to $675 million in bonds for American Dream Meadowlands in East Rutherford received approval Wednesday from a state finance board.

Triple Five, the project's developer, plans to invest $2.5 billion in the site, $800 million of which will be raised through bond issuances.

The board had approved a plan in 2013 to issue up to $550 million in tax-exempt bonds by East Rutherford for the project.

The deal approved Wednesday increases the limit to $675 million and gives the option of issuing taxable bonds. It still needs final approval from the East Rutherford council.

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