Bond offering documents for the controversial Atlantic Yards development in Brooklyn will go to the issuer’s board for approval tomorrow. If approved, the bonds may be sold before the end of the year and the proceeds put into escrow while ongoing legal challenges continue in the courts.

The Brooklyn Arena Local Development Corp., a subsidiary of the Empire State Development Corp., plans to issue $700 million of tax-exempt bonds on behalf of developer Forest City Ratner Cos., which seeks to build a basketball arena as part of a larger housing and commercial development.

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