New Jersey's Local Finance Board yesterday authorized a portion of Bayonne's mixed-use Peninsula Project New York Harbor for tax increment financing, the first step in gaining state approval for such borrowing.

The LFB designated three western sections of the 430-acre site, called the Peninsula at Bayonne Harbor, as revenue allocation districts. That decision allows the Bayonne Local Redevelopment Authority, which oversees the development, to craft financial plans that include TIFs, called RAD bonds in New Jersey.

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