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.

Aritst's rendition of the completed American Dream (govchristie via Instagram)

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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