EAST RUTHEFORD, N.J. (CBSNewYork) — After 12 years of financial troubles and delays, the American Dream megamall and entertainment center in the Meadowlands could finally open in fall 2016.

The target date was announced by the mammoth complex’s developer, Triple Five, WCBS 880’s Sean Adams reported.

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The news is encouraging, Bergen County Executive James Tedesco said.

“We’re more than halfway through the tunnel,” Tedesco told Adams. “And let’s hope that when we come out, we’ll see the big Ferris wheel and the pool with the beautiful colors — not what we’re seeing today.”

Tedesco, however, said he would like to see $2 billion in bonds buttoned up.

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“Financing is still somewhat of a question,” he said. “There still are pieces that have to be fit into the puzzle.”

Triple Five said it’s confident the money will be in place and, in a year’s time, the number of construction workers on site will grow from 200 to 2,000.

By this fall, the much-malinged multicolored exterior will be painted white and gray.

The mall at the Meadowlands was originally known as Xanadu and scheduled to open in 2007. It languished during the economic downturn before Triple Five took over at the end of 2010. The project was also stalled by lawsuits filed by the Giants and Jets, the tenants of the Meadowlands’ Met Life Stadium, over the design and traffic concerns. But the teams agreed to drop the lawsuit in March.

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“This is going to include an enclosed amusement park, an indoor water park, performing arts theater and the only indoor ski facility in New Jersey,” Gov. Chris Christie said in April.