Capping off a strong 2017, the Board of the Casino Reinvestment Development Authority (CRDA) approved a 2018 Capital Improvement Budget of approximately $64 million for facility upgrades of Boardwalk Hall and the Atlantic Convention Center. This budget is funded by proceeds of Luxury Tax Revenue Bonds issued in 2014 that are restricted for these infrastructure projects.
“This budget approval for capital improvements to our buildings affirms our commitment to the CRDA’s world-class venues, the Atlantic City Convention Center and Historic Boardwalk Hall,” said CRDA Chairman Robert Mulcahy.
The Board also approved the following:
- Sponsorship for the Atlantic City Marathon Race Series, the third oldest continuing marathon in the United States. The Authority will enter into a public-private partnership agreement with the Jewish Community Center and a supplemental fund reservation in the amount of $25,000.
- Designation of CRDA-owned surplus property outside the Tourism District. CRDA will dispose of these properties in 2018 to allow for interested parties to purchase and develop these properties.
- Award of a contract to ABM to keep ambassadors in the Tourism District and specifically on the Boardwalk as part of the CRDA’s mission to keep the Tourism District clean and safe.
- Measures to allow CRDA to fully enforce and implement the newly authorized land use regulations in the New Year.
“The Board actions taken this month demonstrate the CRDA’s commitment to the Tourism District and to our destination. By investing available funding in world class events and public-private partnerships such as the Atlantic City Marathon Race Series and continuing the successful Special Improvement Division’s Ambassador program, CRDA continues its mission to play a key role in moving Atlantic City forward in 2018,” said CRDA Executive Director Chris Howard.
About the CRDA:
The only agency of its kind nationwide, the CRDA has used Atlantic City casino reinvestments as a catalyst for meaningful, positive improvement in the lives of New Jersey residents since 1984. Under the 2011 Tourism District Act, the Authority's mission evolved from statewide projects to becoming the state's key economic development agency for Atlantic City. CRDA's expanded responsibilities now include land use regulation, tourism marketing and clean and safe initiatives. The CRDA also oversees Historic Boardwalk Hall (the leading entertainment venue of its size in the country) and the Atlantic City Convention Center. In total, CRDA has invested nearly $2 billion in more than 400 projects statewide, of which $1.8 billion has been invested in Atlantic City, spurring business investments and expansions, and creating permanent jobs in the process. For more information about CRDA and our projects, visit www.njcrda.com. Follow us on Twitter at www.twitter.com/njcrda.