The state has approved a 10-year, $400 million tax credit award in connection with plans to build a 1.5 million-square-foot film and television studio complex on the Bayonne waterfront.

The campus, known as 1888 Studios, will span 17 buildings across 58 acres as part of a highly anticipated project by Togus Urban Renewal LLC. That plan took a critical step forward on Wednesday with the commitment under the Aspire gap financing program, which the state Economic Development Authority approved during its monthly board meeting.