The Empire State Development Corporation signed off on the plan to turn the Atlantic Yards into a stadium and high rise development. It now goes before the public for review.

It’s gonna cost $4.2 billion, which is nearly $700 million more than last predicted due to rising construction costs.

From the city and state: $100 million for infrastructure improvements. On top of that, the state will kick in $637 million in tax-exempt bonds to help the developer move forward with construction, which will create a new home for the New Jersey Nets.

The state think the investment is worthwhile saying that Ratner’s project would create $1.4 billion in tax revenue above the public contribution.

The plan calls not just for an 18,000-seat arena, but for 16 buildings that would be used for housing, offices and stores.

In order to do this, developers have proposed seizing buildings through eminent domain.

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