TRENTON, N.J. - (AP) -- A state board has approved $800 million in bonds to help finance a long delayed megamall in northern New Jersey.
The Local Finance Board on Wednesday signed off on the bonding as part of an effort to move along the American Dream Meadowlands project.
The mall, which will include a Lord & Taylor and Saks Fifth Avenue, was originally known as Xanadu. It has been in the planning process since the early 2000s and has faced various delays and financing problems.
Triple Five, the project's developer, plans to invest $2.5 billion in the site, including the $800 million raised through bond issuances.
The state approved up to $390 million in tax breaks for the project last month.