After years of controversy, the Atlantic Yards basketball arena project in Brooklyn yesterday received board approval to issue bonds next month and won a major lawsuit that sought to overturn New York State’s use of eminent domain.

The Brooklyn Arena Local Development Corp., a subsidiary of the Empire State Development Corp., yesterday approved the issuance of up tp $825 million of tax-exempt bonds backed by payments in lieu of taxes and taxable bonds to finance the construction of a basketball arena on behalf of developer Forest City Ratner Cos.

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