Allentown now has the money it needs to move forward with the construction of the new hockey arena, city officials said Tuesday.

The authority overseeing the arena's development said it has successfully closed its bond issuance. Investors have purchased $224 million worth of bonds.

Now that the city has all the necessary funding, Mayor Ed Pawlowski said the arena project can move full steam ahead.

There will be much more activity at the arena site in the coming weeks, officials said.

The arena project has been delayed, largely because of a lawsuit over funding of the project.