The Empire State Development Corp. last week approved a modified general project plan for the Atlantic Yards project in Brooklyn. The proposed project is a mixed-use development, primarily composed of apartment towers.

Developer Forest City Ratner Cos. seeks to use $700 million of tax-exempt bonds backed by payments in lieu of taxes to build an arena on the site for a professional basketball team. An ESDC spokeswoman said the issuer expects to market the bonds before the end of the year.

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