Two government boards in New Jersey gave approvals on Oct. 31 and Nov. 1 that will bring a $748 million high yield bond closer to sale.

On Oct. 31 the New Jersey Local Finance Board approved the sale of the bonds.

On Nov. 1 the New Jersey Economic Development Board approved giving the developer of a proposed major shopping mall and amusement park in East Rutherford, N.J. up to a $390 million tax break.

Triple Five is developing the site that was previously planned for the Xanadu project. The new project is called American Dream and is projected to consist of a total of 3.3 million gross square feet. Of this 2.1 million square feet is expected to be used for retail and 600,000 square feet is expected to be used for an associated common area. An additional 639,000 square feet is to be used for an adjacent amusement park and water park.

If completed, the shopping mall area alone would make it roughly the eighth largest shopping mall in the United States.

The Bergen County Improvement Authority and the East Rutherford borough council still have to give final approval to the project. Earlier this year both voted favorably on the project.

The developer hopes to sell tax-exempt bonds by the end of the year.

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