The CRDA (Casino Reinvestment Development Authority) discussed pros/cons of erecting a semi-permanent beach stage that would stay up thru the warm spring, summer, & fall months.
Takes approx $750k – $1 mil to construct & manage an all weather stage.
In other CRDA news:
CRDA OK’s initial plans for additional parking at Bass Pro Shop & Dock’s Oyster House expansion.
If PILOT (payment in lieu of taxes) bill is passed:
- $30mil collected from the IAT would be re-directed to help pay down $240mil in AC debt. IAT 1.25% = Investment Alternative Tax
What some DO NOT like about proposed ‘PILOT’ bill:
- A really REALLY great deal for the casinos
- Limited city benefit: prevents future tax appeals from casinos
- CRDA funding could be seriously curtailed (Pacific Ave repaving, Concerts, Bass Pro, Harrahs Conference Ctr, etc.)
- Length of term (15 yrs) is too long. County Exec Denny Levinson was heard saying: “Iran nuke deal is only 10 years”.
- Key metrics are based on declining gross gaming revenue, not overall/operational revenue
- Casinos would be able to improve/expand tax-free. Ex: If a casino buys a hotel… lets say… The Chelsea Hotel… no taxes would be collected on that property.
Note: AC casinos pay approx 9% of their top line revenue to the State of NJ. In other states, casinos pay 50% or greater to state government.
13.5% for the county