EAST RUTHERFORD - A multibillion-dollar megamall project that has been bogged down by legal red tape for three years could finally be moving forward.

A deal on the American Dream complex has been reached between the developers and the New York Giants and New York Jets.

The complex, previously known as Xanadu, was supposed to include restaurants, shopping and an amusement park. It has been sitting dormant since 2011 after the NFL teams sued the developer, Triple Five, over concerns about traffic on game days.

Triple Five countersued the teams, saying they were trying to unfairly block the project to monopolize entertainment dollars at the Meadowlands.

The project could finally be moving forward after all parties dropped their lawsuits.

As part of the agreement, the developer and franchises will upgrade roadways and parking facilities around the complex.  

Some residents don't think it will help traffic flow. "I think it's going to bring more traffic," says Michelle Spataro, of Hasbrouck Heights. "I think it's going to be a pain getting around it."

Val Mayerczak, of Rutherford, has other concerns. "It's going to affect the area, the schools, the towns, and the people," he says.

Gov. Chris Christie's office expects the complex to generate thousands of new jobs and millions in tax revenue once it's complete.

The developers still need an additional $1.9 billion, which will come from publicly issued bonds and private investors.