Audio & Notes from CRDA’s Palmieri Interview on WOND Radio

/ Featured News, Real Estate
Atlantic City Gateway AC DEVCO Palmieri
The Gateway

LISTEN TO AUDIO> CRDA Chief; John Palmieri, spoke with 1400 WOND Radio & David Spatz on Tuesday, JULY 21. Plenty of great information was shared and discussed. Newsman Spatz proves once again: he can get the big interviews.

Listen: PILOT Program Update & CRDA Background

palmieri atlantic city
Palmieri

Current CRDA responsiblities as of 4 years ago: own & operate The Atlantic City Boardwalk Hall, Convention Center, Special Improvement District, Planning & Zoning. Findings from the Hanson Commission Report are what drives many CRDA efforts.

CRDA is funded in part by 1.25% of gross gaming revenues: IAT = Investment Alternative Tax. This helps finance things like Bass Pro Shops, Harrah Conference Center, Steel Pier Observation Wheel, Pacific Ave. paving, etc.

Since Atlantic City’s tax base is less than half from just 3 years ago, a ‘PILOT’ program (Payment In Lieu Of Taxes) will reallocate $24 mil from CRDA…. to helping reduce city debt.

Palmieri……’we have some other resources’ ‘we must be more efficient , look for other state programs’. Other sources: retail sales tax rebates. Four retail districts contribute to that pool of monies.

CRDA has some uncommitted cash in the coffers to carefully use. CRDA has right to create more sales tax districts …ex: CRDA take upwards of 5 mil…….to apply to projects like the GATEWAY…the rest goes to the state. CRDA provides GAP financing…not grants… for applicable projects

Listen: Atlantic Club & Water Park

The Chelsea section of Atlantic City is ready for a major face lift. The CRDA; Casino Reinvestment Development Authority, gave zoning-related approvals for development at and around the former Atlantic Club. We’re now one step closer to seeing the former Hilton/Atlantic Club casino be converted into an entertainment / waterpark complex with 800 hotel rooms. Endeavor Properties LLC needed land use permits…..and they got em’. One of the last steps is for Endeavor to put together & formalize a financial plan that passes muster with the CRDA.

  • Endeavor still does not own the Atlantic Club property, they only have a tentative agreement to purchase the former casino…..from TJM Enterprises. (owner of Claridge)
  • CRDA approve site / re-development plans.

Listen: Gateway Project w/ Stockton & South Jersey Gas. AC DEVCO

The Gateway Project, a redevelopment plan for 14 acres surrounding the Albany Avenue area, also got a CRDA green light to move forward this week.

The “Gateway” is the inaugural project of AC Devco, the nonprofit that’s charged with boosting local development. The plan calls for SJ Industries/Gas to set up corporate offices there, a 2,000 space parking lot, and the site of the former Atlantic City High School could soon be home to the new Island Campus of Stockton College. Groundbreaking as early as NOV 2015.

VIDEO > Learn how Devco re-built the once struggling town of New Brunswick, NJ.

Notable:

  • Owners of beachfront property along Albany Ave ( a New York Based REIT; Real Estate Investment Trust ) is working with Chris Paladino & AC Devco.
  • Look for a new parking lot behind Boardwalk Hall. An acre & half between Atlantic & Pacific. Space for 90 cars in next few weeks, then a few hundred more sometime after that. Just $5-10 bucks to park.
  • Surface lots have recently opened adjacent to Atlantic Club
  • Global Spectrum…now called Spectra……runs the CRDA owned Boardwalk Hall…….will help tap & manage additonal parking underneath Boardwalk Hall
  • Bruce E Toll (BET) almost done building 16,000 ft of retail space on spec…next to Boardwalk Hall.