Bank of America Corp. won approval from New York City to refinance $650 million of tax-exempt bonds issued through the Liberty Bond program to help finance a $2.2 billion midtown Manhattan skyscraper near Times Square.

The city's Industrial Development Agency approved the bond issue on behalf of a partnership between B of A and a New York developer, the Durst Organization. The Charlotte company is moving its New York units, including its investment banking and trading operations, into about half of the 2.3 million-square-foot tower.

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