In its first meeting of the new calendar year, the Board of the Casino Reinvestment Development Authority reaffirmed the Christie administration's proactive development commitments to Atlantic City by moving forward on an $8.6 million fund reservation for the South Inlet Mixed Use Development Project; furthering the process to locate a marketplace within Atlantic City; and granting project approval to the Business Information Support Center project.
"Governor Christie has made an unprecedented commitment to Atlantic City and continues to support the broad range of efforts we are taking to rebuild this city," said John Palmieri, CRDA executive director. "Moving forward with these initiatives is our best opportunity for success."
The CRDA Board took action to approve a supplemental fund reservation in the amount of $8.6 million for the South Inlet Mixed Use Development Project. The action allows CRDA to implement Phase I of the project which calls for the acquisition of sixty-two low rise units within the Metropolitan and Vermont Plaza apartment complexes and select privately owned adjoining parcels.
The $8.6 million will cover the expenses associated with relocation and professional services such as title, appraisal, legal, taxes, boarding, demolition, environmental site assessments, asbestos assessments and abatement and site remediation. Acquisition and relocation activities in Phase I are expected to be completed within 12 to 18 months.
The proposed Marketplace Project moved forward with the approval by the board of $100,000 in funding for a feasibility study by Market Ventures, Inc. The funds approved for the feasibility study will be used to examine the five potential locations already identified as sites for the Marketplace and make other pertinent recommendations such as types of vendors, best operational practices and elements needed to host a successful marketplace. Business investment opportunities received a boost as the Board granted project approval to the Business Information Support Center Project.
The action allows for a fund reservation not to exceed $15,000 and authorization to enter into a grant agreement with the Greater Atlantic City Chamber of Commerce for development and implementation of a new website. The website will provide current up-to-date information regarding all business processes and requirements necessary to start, and/or grow a business in Atlantic City as well as Atlantic County.
"Several business organizations have been meeting to discuss ways to make Atlantic City more welcoming and attractive for business and potential investors," said Joe Kelly, executive director of the Greater Atlantic City Chamber of Commerce, whose organization will lead the initiative."By providing good information on processes and incentives, we are setting the stage for success in the business community. "
Board actions will take effect following the expiration of the Governor's statutory review period.